China names new top trade negotiator amid rising tariff tensions with US

The world's two largest economies have been steadily increasing tariffs on each other's goods since the US raised tariffs on dozens of countries. China faces 145 per cent taxes on exports to the US, while other countries were given a 90-day reprieve for most duties. 

 

Earlier on Wednesday, China announced its economy expanded at a 5.4 per cent annual pace in January-March, supported by strong exports. Analysts are forecasting that the world's second largest economy will slow significantly in coming months, however, as tariffs on US imports from China take effect.

 

Exports were a strong factor in China's 5 per cent annual growth rate in 2024, and the official target for this year remains at about 5 per cent.

Beijing has hit back at the US with 125 per cent tariffs on American exports, while also stressing its determination to keep its own markets open to trade and investment.