Two Sessions: China’s Commerce Minister Vows Stronger Support for Trade as U.S. Tariffs Escalate
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Wang Wentao, China’s Commerce Minister attends a news conference on the sidelines of the National People’s Congress in Beijing on March 6, 2025. Photo: Xinhua
China will increase policy support for foreign trade and take further measures to stabilize exports, Commerce Minister Wang Wentao said Thursday, as tensions between Beijing and Washington escalate over new tariffs.
Speaking at the country’s annual legislative meetings, Wang said government agencies and local authorities have already begun implementing new policies to sustain trade growth. Some have introduced detailed regulations, while others have rolled out complementary measures.
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- China plans to boost foreign trade policy support amid rising tensions with the U.S., aiming to stabilize exports and establish new cross-border e-commerce zones.
- In 2024, China's total goods trade grew by 5%, reaching 43 trillion yuan, and service trade rose by 14.4%; trade with Belt and Road Initiative partners constituted over 50% of total trade.
- Despite U.S. tariffs on Chinese imports, China remains a major U.S. trade partner; tensions persist but the potential for dialogue and cooperation is acknowledged.
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Who’s Who
- American Chamber of Commerce
- In the article, the American Chamber of Commerce in China reports that 46% of surveyed U.S. firms in China expect profitability, and over half plan to increase investment by 2025. Despite trade tensions, U.S.-China trade reached $688.2 billion in 2024, an 18% increase from 2017, illustrating robust economic engagement between the two countries.
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What Happened When
- Last year：
- The Ministry of Commerce introduced national and pilot free trade zone (FTZ) versions of negative lists for cross-border service trade.
- In 2024：
- Total imports and exports of goods grew by 5% year-on-year to 43 trillion yuan ($5.92 trillion).
- In 2024：
- Trade with Belt and Road Initiative (BRI) partners accounted for more than 50% of China's total foreign trade for the first time.
- In 2024：
- U.S.-China trade reached $688.2 billion, an 18% increase from 2017.
- March 3, 2025：
- The Trump administration announced a 20% tariff on Chinese imports, citing issues related to the synthetic opioid fentanyl.
- The next day, March 4, 2025：
- China imposed countermeasures, raising tariffs on certain U.S. goods.
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