World

Not Meeting Xi Jingping Before Trade Talks Deadline: Donald Trump

Not Meeting Xi Jingping Before Trade Talks Deadline: Donald Trump

The two sides have three weeks before United States duty rates on many Chinese goods are due to jump sharply, which economists say could further weaken the global economy.

The news that the two leaders were now unlikely to meet spurred a sharp selloff in U.S. stocks, dashing the optimism that had been building that the countries were progressing towards a deal before tariffs on Chinese imports rise to 25 percent after the March 1 deadline.

It's not clear what will happen if a trade deal isn't struck by the deadline.

On January 31, US President said the trade talks were going well and added that a final deal would not be made until his meeting with Chinese leader Xi Jinping, slated for the "near future".

China confirmed a report that US delegation is scheduled to travel to Beijing early in January to discuss trade issues.

Trump economic adviser Larry Kudlow said earlier at the White House that a Trump-Xi summit was "off in the distance" but that he remained confident the two leaders would still meet at some point.

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. Though Washington continues to posit that the ban is entirely for cybersecurity in the U.S., Huawei, one of the largest producers of networking equipment in the world, continues to claim that its products are entirely safe, and that Trump is using claims of cybersecurity to prevent competition in the U.S. from Chinese telecommunications companies.




The S&P 500 Index market worth dropped by 0.93 percent, the biggest drop in 2 weeks. But he shook his head and said no when reporters asked if the meeting would take place before March 2.

Despite the optimism, the White House emphasised in a statement that a scheduled tariff increase on $200bn of Chinese goods to 25 percent from 10 percent was a "hard deadline" if no deal was reached by March 1. Treasury bond yields dropped as investors sought safety in sovereign U.S. debt.

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. Washington accuses China of stealing US intellectual property and forcing American businesses to share their technology with Chinese companies.

Mr Lighthizer told reporters last week that it was not certain a deal could be reached.

While the United States has said it is a hard deadline for the tariffs, Mr Trump has also suggested he could agree to extend negotiations beyond the month's end if progress is made.

"Trump meeting Xi makes it more likely any deal will last". The 90-day negotiations have, since starting, spooked investors in stock markets in China and the US. Three sources familiar with the matter indicated that report was wrong.


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