Trump won’t meet Xi before trade deal deadline

10 February, 2019, 11:10 | Author: Sheila Harris
  • Trade Deadline Will Come and Go: Trump Highly Unlikely to Meet Xi Before Mar 1 - Mish Talk

The US says it will raise tariffs on imports from China if they fail to reach an agreement by that deadline.

In a December 1 summit in Argentina, Trump and Xi agreed a truce in which both sides pledged to refrain from imposing further tariffs on each other's imports for 90 days while trying to complete talks to end the trade war. Another round of talks is scheduled for next week in Beijing.

Last week, at the end of the two days of talks, Trump said in a tweet: "No final deal will be made until my friend President Xi, and I, meet in the near future to discuss and agree on some of the long standing and more hard points".

"There was concern about the downside for markets in particular if they don't reach a deal", the source said.

Along with planning a summit between Trump and North Korea's Kim Jong Un in Vietnam at the end of the month, the administration official told CNBC there may not be enough time. Trump has now dashed China's hopes for a resolution this month, confirming earlier reports suggesting the two would not meet any time soon.

"At some point the two presidents will meet, that is what Mr. Trump has been saying".

The United States and China have been engaged in a trade war since Trump announced last June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. Hong Kong's Hang Seng Index saw a 0.50 percent decline, and Australia's ASX 200 was down 0.34 percent. U.S. Treasury bond yields also dropped following the move of investors in securing their safety in sovereign U.S. debt. The benchmark 10-year yield slid 4 basis points to 2.66 percent, the lowest in almost a week.

According to Peter Jankovskis, co-chief investment officer at Oak Brook Investments LLC in Lisle, Illinois, said believes said that the market was affected because the market was lifted in the month of January because of the optimism that surrounds the trade talks.

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Last week, Chinese and U.S. negotiators said they made "important progress", China's state media reported following the conclusion of two days of high-level talks in Washington, DC. It is also expected that the situation will negatively affect the US stock market.

Washington complaints about technology transfers and intellectual property protections, along with accusations of Chinese cybertheft of USA trade secrets and a systematic campaign to acquire United States technology firms, were used by Trump's administration to justify punitive tariffs on $250bn worth of Chinese imports. China denies the accusations.

The countries had taken a 90-day hiatus in their trade war to hammer out a deal, and another round of talks is scheduled for next week in China.

Such reforms have been a sticking point in talks so far.

Lighthizer told reporters last week that the two leaders may not meet if the negotiations do not progress sufficiently.

China and the U.

And top White House economist Larry Kudlow said Thursday that while Trump was "optimistic" about prospects for a deal, there remained a "sizable distance" separating the two sides.

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