U.S. poised to more than double tariffs on $200 billion of Chinese imports, escalating trade war; talks expected to resume Friday
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 11:07 PM The United States and China hurtled toward a defining moment in their four-decade-old relationship on Thursday, with financial markets bracing for the outcome of unusually dramatic trade talks in Washington.
But no matter what happens at the bargaining table, relations between the world’s two largest economies, accounting for roughly 40 percent of global output, appear certain to change. As China retaliated for subsequent tariff salvos, American farmers and major U.S. industries were caught in the crossfire.
Democratic leaders have publicly supported the president’s hard line. Those statements illustrate the evident bipartisan consensus favoring a tougher stance toward Beijing — but also the political risks for the president of making a deal that a 2020 rival might criticize as soft. Those talks had been proceeding smoothly, with U.S. officials predicting a final accord could be agreed to as soon as this week.
Trump said that he expected “a very strong day” at the negotiating table but added that “our alternative is an excellent one,” an apparent reference to the tariff increase. After more than five months of accelerated diplomacy, following a Trump-Xi dinner in December at the Group of 20 summit in Buenos Aires, several core issues remain to be resolved.
“I’m different than a lot of people. . . . I happen to think that tariffs for our country are very valuable,” Trump said.
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