China has unexpectedly appointed a new trade envoy, as officials said the US' practice of "tariff barriers and trade bullying" is having a serious impact on the global economic order. Li Chenggang, a former assistant commerce minister and WTO ambassador is taking over from veteran trade negotiator Vice Commerce Minister Wang Shouwen.

China has managed to hit the U.S. where it hurts the most in response to the Trump administration’s tariffs, with restrictions on global exports of certain rare-earth elements that the U.S. has little ability to produce or refine.

Beijing has a virtual monopoly on rare earth minerals—the materials that power everything from military planes to your electric toothbrush.