Li Chenggang's New Role Amid U.S.-China Trade Tensions

Li Chenggang has been named China's new international trade representative amid escalating trade tensions with the U.S. Previously, he served as Permanent Representative to the WTO. China's tariffs on U.S. imports soar, and global markets react adversely to President Trump's reciprocal trade policies.

In the midst of persistent trade tensions between China and the United States, Li Chenggang has secured a pivotal appointment as China's new international trade representative and vice minister of commerce. This strategic move was confirmed by the State Council of China in an official statement on Wednesday. "Li Chenggang has been appointed China international trade representative with the Ministry of Commerce and vice minister of commerce, replacing Wang Shouwen," the statement noted.

Li Chenggang's illustrious career includes a notable tenure beginning on December 26, 2020, when he was appointed the Permanent Representative & Ambassador Extraordinary and Plenipotentiary to the World Trade Organisation, as well as the Deputy Permanent Representative to the United Nations Office at Geneva and other International Organisations in Switzerland for the People's Republic of China. Before this, Li was the Assistant Minister in the Ministry of Commerce of China (MOFCOM) from December 2016 and held the role of Director-General of the Department of Treaty and Law since November 2010. Additionally, he served a term as Vice Mayor of Qingdao between February 2013 and February 2014.

The new appointment comes as China enforces retaliatory tariffs on U.S. imports, hiking them up to 245 percent as opposed to a prior ceiling of 145 percent. This move followed the United States' decision under President Donald Trump to impose reciprocal tariffs on multiple countries with trade deficits, ushering in intense negotiations as over 75 nations engage with the U.S. to forge new trade arrangements. Despite this flurry of discourse, the pause on higher tariffs notably excludes China, maintaining a baseline tariff of 10 percent on imports from the U.S. in the interim.

President Trump's administration has implemented a 10 percent blanket tariff on all countries, with intensified tariffs for those with significant trade imbalances with the U.S., purportedly to safeguard national security and introduce parity in trade relations. This 'Fair and Reciprocal Plan' outlines a blueprint to counter non-reciprocal accords. However, the repercussions of these tariffs have reverberated globally, severely impacting financial markets across Asia, Europe, and even within the U.S. The financial turbulence, spurred by fears of inflation and stunted economic growth due to trade complexities, has surged under the Trump administration's watch. (ANI)

(With inputs from agencies.)