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Trump won’t meet Xi before trade deal deadline

10 February, 2019, 15:02 | Author: Lucille Rivera
  • Trade Deadline Will Come and Go: Trump Highly Unlikely to Meet Xi Before Mar 1 - Mish Talk

US President Donald Trump said Thursday he did not expect to meet his Chinese counterpart Xi Jinping before a March 1 deadline for the two economic superpowers to reach a deal.

Addressing reporters at the White House, Trump answered in the negative when asked if a meeting could happen by March 1.

Both Trump and his top trade negotiator, Robert Lighthizer, have said that the March 2 deadline is a firm date and that the USA will not extend the timeline, which the two Presidents agreed upon during the G20 Summit in Argentina previous year. Treasury Secretary Steven Mnuchin said Wednesday that he and Trade Representative Robert Lighthizer were going to China for another round of talks next week. That marks the end of a 90-day tariffs truce mooted after Trump and Xi met in December.

The White House said in a statement that the United States and China made progress during bilateral trade talks in Washington, DC last week, but much work remains to be done.

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. The benchmark 10-year yield slid 4 basis points to 2.66 percent, the lowest in almost a week.

U.S. stock markets staged their first major pull-back since the news broke early January that negotiations would resume in Washington.

It was initially expected Trump and Xi would meet alongside the president's summit with North Korean leader Kim Jong-un between February 27 and 28 in Da Nang, Vietnam.

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The US has threatened to increase tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent if a deal is not reached by March 2.

"They're hoping for more success", he said. The U.S. and China sought to resolve deep-seated trade issues in just three months, and analysts largely agreed the short time frame did not provide sufficient time for matters such as intellectual property and technology transfer.

US stocks fell sharply on Thursday as it became clear the meeting will not take place before the deadline.

The remarks were the first drastic shift in tone since Washington and Beijing stepped up negotiations last week, hoping to agree to a framework for a deal by the deadline.

"If we do make headway, and the president thinks we're close enough that he can close the deal on major issues, then I think he'll want to have a meeting and do that", he told reporters.

Trump has vowed to increase USA tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by 12:01 a.m. (0501 GMT) on March 2.

"The likely outcome is that the tariffs remain at the current 10 percent rate", CNBC reported Thursday, citing administration officials and sources briefed by the White House.

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