Trump says meeting with Xi before March 1 trade deadline is ‘unlikely’

11 February, 2019, 07:13 | Author: Emmett Rice
  • Trade Deadline Will Come and Go: Trump Highly Unlikely to Meet Xi Before Mar 1 - Mish Talk

After Trump hosted Chinese Vice Premier Liu He at the White House last week, one administration official privately likened the direction of negotiations to the president's caving to Democrats in the shutdown battle over funding for a border wall. However, a trade war is likely to escalate between the countries. President Trump has repeatedly threatened increasing tariffs on various Chinese goods imported to the U.S. if the two sides do not broker a permanent deal to end the standoff. Despite Trump's tormenting comments, which excruciated the financial market atmosphere and added new worries to the existing global slowdown and geopolitical tensions, White House Economic Adviser Larry Kudlow told the reporters on Thursday (February 7th), that, the leaders of the two economic superpowers might have still met at a later date. "But that is off in the distance still at the moment", he said.

The S&P 500 hit a session low shortly after the news that Trump was unlikely to meet Xi this month was first reported by CNBC.

Treasury Secretary Steven Mnuchin (mih-NOO'-shin) and trade representative Robert Lighthizer are leading a team to Beijing next week to continue talks aimed at resolving a costly trade war.

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. Treasury bond yields dropped as investors sought safety in sovereign USA debt.

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According to Peter Jankovskis, co-chief investment officer at Oak Brook Investments LLC in Lisle, Illinois, said believes said that the market was affected because the market was lifted in the month of January because of the optimism that surrounds the trade talks.

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. The benchmark 10-year yield slid four basis points to 2.66 percent, the lowest in almost a week. China denies the accusations.

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

Previously, Trump said during his second State of the Union address that a new trade deal between the United States and China must include a structural change to end unfair trade practices. "I have complete confidence in the president, both to close a deal if we get to that point, but also to make that judgment".

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