Tariffs on $200 billion in Chinese goods are set to increase to 25% on Friday, but the U.S. could reconsider the move if it sees progress in the talks.
Chinese Vice Premier Liu He is still set to lead a Chinese delegation in trade talks in Washington this week, U.S. Trade Representative Robert Lighthizer said.President Donald Trump speaks while meeting with China's Vice Premier Liu He in the Oval Office of the White House in Washington, U.S., April 4, 2019.
Liu's presence could be telling: market watchers considered it more likely that the U.S. would hike tariffs on $200 billion in Chinese goods to 25% from 10% if he did not attend the talks. The tariff increase will go into effect at 12:01 a.m. on Friday, according to Lighthizer. But the U.S. would reconsider the duties if talks get back on track, Treasury SecretaryThe Chinese team is set to come to Washington on Thursday and Friday, U.S. Trade Representative Robert Lighthizer told reporters on Monday.
Their comments follow a choppy day in both Asian and U.S. stock markets sparked by Trump's tweeted tariff threat. While U.S. equities initially plunged Monday, they recovered throughout the day as investors surmised that the president may not have upended the talks. CNBC, although it may be smaller than originally planned.
U.S. officials said they saw a shift in tone in the talks over the weekend. Mnuchin said China wanted to go back on clear commitments that had the potential to change the deal significantly.— CNBC's Stephanie Dhue contributed to this report
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