China on Wednesday removed Vice Commerce Minister Wang Shouwen from his role as trade negotiator and replaced him with a former Chinese representative to the World Trade Organization, amid an escalating tariff war with the United States.

President Trump released a new statement on China saying that the country needs to come to the U.S. to make a trade deal to lower the tariffs the U.S. has levied against China, because the country needs U.

Nine of the 20 biggest wealth gainers this year are Chinese, while 15 of the biggest losers are from the US, signaling a sea change in market sentiment.