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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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