Trade tensions between the world’s two largest economies have escalated in the last two weeks.
Dilara Irem Sancar | Anadolu | Getty Images
China on Wednesday appointed Li Chenggang as vice minister of commerce and a top representative for international trade negotiation, according to an official statement, replacing Wang Shouwen.
The appointment makes Li a key member of China’s trade negotiation team as Beijing deals with trade disputes with the U.S. So far, there have not been any sign of near-term trade talks as both sides have ratcheted up tariff tensions.
U.S. President Donald Trump is open to making a trade deal with China but wants Beijing to make the first move, White House press secretary Karoline Leavitt said Tuesday. “The ball is in China’s court: China needs to make a dal with us, we don’t have to make a deal with them,” she said.
Since Trump’s inauguration in January, he has imposed a cumulative 145% tariffs on all imports from China, including a 20% duty allegedly related to Beijing’s role in fentanyl trade.
China has struck back with tit-for-tat tariff increases of up to 125% in its latest retaliation last Friday.
Such levels of duties would grind the trade in goods between the world’s two biggest economies to a halt, analysts said.
Prior to the latest tariff escalation, the former vice commerce minister Wang had described China-U.S. relations as “mutually beneficial and win-win in nature” in several meetings with foreign executives from multinational firms.
Li was among the Chinese officials who met with several top entrepreneurs last month in a symposium that sought to address the concerns of private companies after President Xi Jinping in February expressed his support for businesses.
As part of a wider reshuffle in Beijing’s top echelon, China also tapped Chen Xiaodong to lead the country’s foreign aids agency and Wang Zhizhong as head of the National Immigration Administration.
