China's New Trade Architect: Li Chenggang Steps In

China has appointed Li Chenggang as its new top international trade negotiator amid ongoing tariff disputes with the US. He replaces Wang Shouwen, who was involved in the 2020 trade deal negotiations. The appointment comes as both countries continue to impose high tariffs on each other's goods.

China has named Li Chenggang as its new chief international trade negotiator, a key role that comes amidst ongoing tariff tensions with the United States. The government announced on Wednesday that Li will replace Wang Shouwen, who was instrumental in the trade negotiations for the 2020 deal between China and the US.

This change in leadership occurs as tensions between the world's two largest economies stay high with continuously mounting tariffs. Both nations have been steadily increasing taxes on each other's goods since the US amplified tariffs on various countries. Currently, Chinese exports to the US face a formidable 145% in taxes, a stark contrast to the 90-day reprieve given to other nations on most duties.

The shift to Li may signal a new strategic approach from China as it confronts ongoing trade challenges with the US, with implications that might affect the global market. Observers will be closely monitoring how this appointment could reshape the dynamics of international trade policies.

(With inputs from agencies.)