Trump, Xi Unlikely To Meet Before March 1 Trade Deadline: U.S

Trump, Xi Unlikely To Meet Before March 1 Trade Deadline: U.S

US President Donald Trump said on Thursday that it was "unlikely" he would meet with his Chinese counterpart Xi Jinping before a crucial March deadline, a significant change in the prospects for ending a trade war that has roiled the global economy. When asked by reporters at the White House later if he would meet with Xi before the end of the month, Trump shook his head and said "no", according to reports. An American delegation that is scheduled to take place in Beijing next week will be headed by Lighthizer and Steven Mnuchin, the Treasury secretary, for more trade talks. President Donald Trump and Chinese President Xi Jinping now aren't expected to meet later this month.

'At some point the two presidents will meet, that is what Mr. Trump has been saying.

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.

"Not yet", Trump said when asked whether a meeting with Xi has been scheduled amid the ongoing US-China trade talks.

Last week, Trump and Chinese officials had expressed optimism during the second round of talks in Washington about chances of striking a bargain but they released few details about progress in their talks.

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

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White House economic adviser Larry Kudlow told reporters on Thursday that the leaders of the two economic superpowers could still meet later.

Meanwhile, the United States 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.

"They're hoping for more success", he said. 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.

USA stocks fell sharply on Thursday as it became clear the meeting will not take place before the deadline. China denies the accusations. "I have complete confidence in the president, both to close a deal if we get to that point, but also to make that judgment". After the 90-day "cease-fire" was announced, the Trump administration maintained tariffs on $200 billion worth of Chinese imports would rise from 10% to 25% if the two parties did not reach a deal before the deadline.

But Reuters later cited three anonymous sources who indicated the CNBC report was incorrect.

Lighthizer said last week that tariffs had not been a subject of the talks.

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