China has appointed Li Chenggang as its new top international trade negotiator, replacing Wang Shouwen amid ongoing tariff tensions with the US, where China faces 145% taxes on exports. Despite a reported 5.4% annual economic growth in early 2024, analysts predict a significant slowdown due to US tariffs, with China responding with 125% tariffs on American exports. As domestic consumption struggles, China is exploring alternatives to the US market, including leveraging its vast consumer base and strengthening ties with Europe and the global south, while also imposing new export controls on rare earths.
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Asia stocks fall as US tariffs remain after court twist
Asian stocks declined as the US dollar weakened alongside Treasury yields, following an appeals court's decision to keep President Trump's tariffs in place while considering an appeal against a previous ruling that deemed the tariffs unconstitutional. Japan's Nikkei index fell 1.7%, influenced by a stronger yen, which impacts overseas earnings, while Hong Kong's Hang Seng and South Korea's KOSPI also experienced losses. Despite the legal uncertainty surrounding the tariffs, Treasury Secretary Scott Bessent confirmed ongoing...
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