U.S. poised to increase tariffs on $200 billion in Chinese goods Friday morning
By David J. Lynch and David J. Lynch Financial writer covering trade and globalization Email Bio Follow Damian Paletta Damian Paletta Reporter covering economic policy Email Bio Follow May 9 at 2:00 PM President Trump said on Thursday he had received “a beautiful letter” from Chinese President Xi Jinping and may speak to him by phone, though Trump did not say whether that would occur before a scheduled increase in tariffs on $200 billion in Chinese goods takes effect at 12:01 a.m. Friday.
Trump said he expected “a very strong day” at the negotiating table, but added “our alternative is an excellent one,” an apparent reference to the tariff increase. Though most economists say such a broadening of the trade conflict would inflict serious damage on both economies, the president insists his tariffs helped the U.S. economy grow at a 3.2 percent annual rate in the first quarter.
Chinese retaliation could take the trans-Pacific relationship into potentially dangerous territory, according to Chris Krueger, an analyst with the Cowen Washington Research Group.
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