Trump won't meet Xi before trade deal deadline

Trump won't meet Xi before trade deal deadline

Trump won't meet Xi before trade deal deadline

Asked if a meeting could happen by March 1, he said: "No". Officials have reported little progress on contentious issues but remain hopeful that a deal will be struck.

"Maybe". Nonetheless, earlier last month, Trump had said that he would like to meet the Chinese President in order to resolve their trade differences and sprouted optimism over ongoing tariff warfare with China.

Trade discussions between the US and China are far from over.

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.

Larry Kudlow, White House economic adviser, told reporters that the two leaders could still meet at a later date. Asian stocks tumbled yesterday on worries the U.S. and China will not reach an agreement.

ENERGY: U.S. crude lost 29 cents to $52.35 per barrel in electronic trading on the New York Mercantile Exchange.

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The S&P 500 Index market worth dropped by 0.93 percent, the biggest drop in 2 weeks.

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". He tweeted last week that he plans to meet the Xi to hammer out a deal. Treasury bond yields dropped as investors sought safety in sovereign United States debt.

Lighthizer and Steven Mnuchin, the Treasury secretary, will lead an American delegation to Beijing next week for more trade talks. While the US has said it's a hard deadline for the tariffs, Trump has also suggested he could agree to extend negotiations beyond month's end if progress is being made. 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.

"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. The president has said repeatedly that the tariffs would go up if no deal has been reached, and that position has not changed, one source said. The CEO of agricultural trader Archer Daniels Midland (ADM) made a similar prediction, expecting a trade resolution with China this year.

A study released Wednesday by Tariffs Hurt the Heartland, a campaign opposed to tariffs, said an increase to 25% would reduce employment by 934,000 jobs and GDP by 0.37%.

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