Starting Over: New Tariffs Post Court Ruling, Part 3 & China Trip - Week Ahead

Research evidence excerpt

Starting Over: New Tariffs Post Court Ruling, Part 3 & China Trip - Week Ahead

TD Securities (USA) LLC DC DOWNLOAD

May 11, 2026

■WRG Washington Strategy Starting Over: New Tariffs Post Court Ruling,

Part 3 & China Trip - Week Ahead

Chris Krueger THE TD COWEN INSIGHT

202 868 5307 ■1st trip by sitting President to China since 2017 & Trump's first trip abroad since Iran War

christopher.krueger@tdsecurities.com began on Feb 28.

■Details around the "Board of Trade" and further tariff/export control suspension extension

most pressing issues from our seat.

■Combination of Sec 301 and 338 tariffs likely to replace Sec 122 tariffs, which replaced

IEEPA tariffs...$127B IEEPA tariff refund process underway.

But nobody wins, afraid of losing

And the hard roads are the ones worth choosing

Someday we'll look back and smile

And know it was worth every mile

Week Ahead

Mon, May 11

■Senate will begin process to confirm Warsh as Fed Chair.

Tues, May 12

■Where is Beeks?!? April Inflation Report at 8:30 AM (CPI).

Weds, May 13

■Trump arrives in Beijing on Weds night.

Thurs, May 14

■Trump in Beijing for meetings with President Xi and attends a state banquet in the evening.

This is their 2nd in-person meeting of Trump's 2nd term following their bilateral at APEC last

fall in Busan, S Korea. See The China Report: Holding The Busan Truce.

Fri, May 15

■Trump in Beijing for tea with Xi and working lunch before returning to DC. Trump and Xi

likely to meet 3 more times this year: 1) Xi visit to DC; 2) APEC in China (Nov); 3) G-20 in

Miami (Dec).

■Powell's term as Fed Chair expires, though he will stay in his Governor seat for time being

(term ends in 2028). This means Miran will leave the FOMC.

Tariffs, Part 3. In 2-1 ruling, Court of Int'l Trade (CIT) ruled against Sec 122 10% tariff - though