Meeting with China’s Xi Jinping Before Trade Deal Deadline Unlikely

Meeting with China’s Xi Jinping Before Trade Deal Deadline Unlikely

On Thursday, the 7th of February, the United States president Donald Trump told that he would not be meeting with China's President Xi Jinping, before the trade truce deadline by March 1st, set by the leaders of the two largest economies of the world at the latest round of G20 meeting in Buenos Aires on December 1st.

Reuters reports the us president said "No" when questioned if he would meet with Xi before March 1, and when asked whether there would be a meeting within the next month he remarked: "Not yet".

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. However, a trade war is likely to escalate between the countries.

At the G20 summit in Argentina in December, Trump and Xi agreed to a 90-day truce to allow room for a new trade agreement.

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

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are leading a group of officials headed to Beijing next week as part of the trade talks. Still, he declined to say whether he expected negotiators to strike a deal before the end of the month, when Trump has said he will raise tariffs from 10% to 25% on US$200 billion in Chinese goods.

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The S&P 500 Index tumbled to its low of the day, down 1.6 percent in its biggest drop in more than a month. Treasury bond yields dropped as investors sought safety in sovereign US debt.

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. "It does make sense the market is pulling back somewhat on that".

On Thursday, while acknowledging that Trump was still optimistic about a deal, Kudlow said, "We've got a pretty sizable distance to go here".

Meanwhile, the USA 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.

Trump further added that the final resolution of the trade dispute would depend on him and Xi meeting in the near future. They include US demands that China boost imports of USA products, and Chinese government and corporate pressure on US firms to transfer their technology to Chinese partners.

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