Beijing [China], April 16 (ANI): Amid ongoing trade tensions with the United States, Li Chenggang has been appointed as China’s new international trade representative and vice minister of commerce.
The State Council of China in a statement on Wednesday said, “Li Chenggang has been appointed China international trade representative with the Ministry of Commerce and vice minister of commerce, replacing Wang Shouwen.”
On 26 December 2020, Li Chenggang was appointed as the Permanent Representative & Ambassador Extraordinary and Plenipotentiary to the World Trade Organisation, and Deputy Permanent Representative to the United Nations Office at Geneva (UNOG) and other International Organisations in Switzerland, of the People’s Republic of China.
Prior to that, Li had been Assistant Minister in the Ministry of Commerce of China (MOFCOM) since December 2016. In November 2010, he was appointed as Director-General of the Department of Treaty and Law, MOFCOM, and served as Vice Mayor of Qingdao from February 2013 to February 2014.
The latest development follows China’s retaliatory measures, which led to tariffs of up to 245 per cent on imports from the United States, according to a fact sheet released by the White House. Prior to this increase, Chinese exports to the US were subject to tariffs of up to 145 per cent.
US President Donald Trump had imposed reciprocal tariffs on dozens of countries with which Amereica has a trade deficit. Later, President Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal.
“More than 75 countries have already reached out to discuss new trade deals,” the White House fact sheet said. “As a result, the individualised higher tariffs are currently paused amid these discussions, except for China, which retaliated,” the fact sheet added.
For the time being, a baseline tariff of 10 per cent would be applicable on US imports.
President Trump imposed a 10 per cent tariff on all countries and individualised reciprocal higher tariffs on nations with which the US has the largest trade deficits in order to level the playing field and protect America’s national security.
President Trump unveiled the “Fair and Reciprocal Plan” on trade to restore fairness in US trade relationships and counter non-reciprocal trade agreements.
Trump’s reciprocal tariffs have led to a broad-based fall in financial markets globally, with markets plunging in Asia and Europe. The reciprocal tariffs have set off a sell-off in equities globally, and the US itself is no exception. Investors fear that the moves concerning global trade may raise inflation, risking economic growth.
Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. (ANI)
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