Trump Says No Meeting With China's Xi Scheduled 'Yet'

Trump Says No Meeting With China's Xi Scheduled 'Yet'

On Thursday, the 7th of February, the USA 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. Speaking to the reporters at the White House, Trump added that his meeting with Xi would take place soon but not before the trade deal deadline. Officials on both sides had said the two presidents were scheduled to be face-to-face later in February but now, CNBC says a meeting before the March 2nd deadline is unlikely. Treasury Secretary Steven Mnuchin said Wednesday that he and Trade Representative Robert Lighthizer were going to China for another round of talks next week.

The dispute has escalated to encompass $360 billion in trade between the two economic superpowers, and without an agreement by the start of March, the Trump administration is poised to more than double the punitive duties on $200 billion in Chinese goods. Messrs. Trump and Xi agreed on December 1 to 90-day truce in the trade dispute. Futures for the S&P 500 index shed 0.3 percent to 2,696.10.

Trump's announcement on Thursday was a reversal for the President, who said last week that he planned to meet Xi to resolve any "final issues" before the trade deal.

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.

The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened. The benchmark 10-year yield slid 4 basis points to 2.66 percent, the lowest in almost a week.

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Trump also introduced Elan Carr, the newly named special envoy to monitor and combat anti-Semitism. Two of the Holts' children - Max, 10, and Liz, 9 - joined the couple at the breakfast.

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

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

"They're hoping for more success", he said. -North Korea summit, USA business news network CNBC reported Thursday.

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

Such reforms have been a sticking point in talks so far. "But that is off in the distance still, at the moment", 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.

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