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No talks between Trump and Xi before trade deadline

10 February 2019, 11:09 | Devin Moran

No talks between Trump and Xi before trade deadline

No talks between Trump and Xi before trade deadline

United States President Donald Trump said he will not meet Chinese President Xi Jinping before a March 1 deadline to avert higher American tariffs on Chinese goods, intensifying fears the two will not strike a deal before the end of a 90-day truce.

Larry Kudlow, Trump's top economics advisor, told reporters Thursday he still anticipates a meeting between Trump and Xi, CNBC reports, but the details are not yet planned.

Addressing reporters at the White House, Trump answered in the negative when asked if a meeting could happen by March 1. "Probably too soon", according to Reuters.

Lighthizer and Chinese Vice Premier Liu He met last week in Washington for trade talks.

"I could see where that would impact the markets because, obviously, we had a lift in the month of January from optimism surrounding these trade talks", said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

Mr Trump meeting Mr Xi makes it more likely any deal will last.

But the likelihood of reaching a deal in the near future is waning.




The Journal also said the two sides have not even drafted an accord specifying the matters they agree and disagree on.

"Not yet", Trump said when asked whether a meeting with Xi has been scheduled amid the ongoing US-China trade talks. Trump has threatened to raise tariffs from their current 10 percent level to 25 percent at the deadline. Three sources familiar with the matter indicated that report was wrong.

He does anticipate the USA and China could reach a deal later this year to remove the tariffs, with the upcoming election cycle playing a role in the timing.

The negative mood sweeping across financial markets late in the trading week continues to highlight how investor sentiment remains extremely sensitive to any changes in the narrative with US-China trade developments.

His position, together with a threat to raise tariffs on more Chinese imports on March 2, may be a USA tactic to extract concessions from China, especially in structural areas such as alleged intellectual property theft and forced technology transfer.

Businesses have been planning for the scenario of rising tariffs at the beginning of next month, by rushing imports and stockpiling goods - although that doesn't mean companies are embracing increased duties. However, the purchases don't offset the damage done to the soybean industry since tariffs were imposed. She described the deadline as a "black cloud". S. were still far away on striking a trade deal. The two leaders could also speak by phone, the official said. "They're making a mistake because they need to be prepared", he said.



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