Published: Mon, February 11, 2019
Worldwide | By Angelina Lucas

Trump won’t meet Xi before trade deal deadline

Trump won’t meet Xi before trade deal deadline

Asked whether there could be a meeting with Xi around March, Trump said, "Not yet".

Time is running out for the USA and China to reach an agreement before the deadline the Trump administration has set to more than double tariffs on US$200 billion of Chinese goods.

China and the United States had taken a 90-day hiatus in their trade war to hammer out an agreement, and another round of talks scheduled for next week in Beijing.

White House economic advisor Larry Kudlow didn't rule out the possibility of Trump and Xi's meeting at a later date.

Earlier, towards the end of January, President Trump revealed in a tweet that he would be expecting to meet his counterpart to negotiate on some of the most hard issues that the two countries have been holding for decades.

Kudlow told Fox Business that there was still a "sizable distance" separating the two sides.

A US delegation will travel to China next week to begin trade talks, according to reports.

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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. U.S. Treasury bond yields also dropped following the move of investors in securing their safety in sovereign U.S. debt. "It does make sense the market is pulling back somewhat on that".

Lighthizer told reporters at the conclusion of a round of talks in Washington last week that the two leaders may not meet if the negotiations had not progressed sufficiently. Messrs. Trump and Xi agreed on December 1 to 90-day truce in the trade dispute.

Trump has vowed to raise tariffs on $200 billion of Chinese goods from 10 to 25 percent on March 2 unless the two sides strike a deal to address what Washington perceives as Beijing's "unfair" trade practices.

Trump said last week he would meet Xi again to finalise the final deal. It also did nothing to remove the underlying cause - Chinese retaliatory tariffs - of last year's collapse in US soy exports to China.

"Whilst this is a bit of a blow, it's not in itself a reason to think trade talks are not going anywhere", said Neil Wilson, chief market analyst for Markets.com.

Chinese officials have said their policies do not coerce technology transfers.

White House officials have been cautious about conflating the trade and North Korea issues, despite China's invitation for Trump to meet Xi immediately after the U.S.

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