Trump won't meet Xi before trade deal deadline

Blanche Robertson
February 10, 2019

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.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead the US delegation for the third round of talks on Thursday and Friday in Beijing.

The broad-based declines are largely a result of the news that Trump indicated that he would not be meeting his Chinese counterpart before March 2, which marks the end of a 90-day tariffs truce mooted after Trump and Xi met in December.

Trump and Xi may still meet shortly after March 1, but there is still work to do to flesh out a trade deal and prepare the U.S. president for a high-stakes meeting with Kim, scheduled for February 27 and 28. The broad S&P 500 index shed 0.9 percent to 2,706.05.

Trump said last week he did not think he would need to extend the March 1 deadline, adding that he believes "every point will be agreed to" when he meets Xi.

The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened.

Speaking at the White House during a meeting last Thursday with Chinese Vice Premier Liu He, Trump said he was optimistic that the economic powerhouses could reach "the biggest deal ever made".

New York Knicks Most Valuable NBA Franchise at $4B
Kanter had been frustrated by a dwindling role with the Knicks, but is averaging 14 points and 10.5 rebounds per game in 44 games. Jordan could be one of the new foundations for NY - assuming they are able to offer him a hard-to-resist contract in the summer.

Meanwhile, the U.S. 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. The U.S. and China are trying to meet an early March trade deadline. "They're making a mistake because they need to be prepared", he said.

Also pressuring markets was a report out Thursday that President Trump is planning to sign an executive order next week which would ban Chinese telecommunications equipment from USA wireless networks. The latest news about the trade friction caused a sharp selloff in US stocks. China denies the accusations.

In his State of the Union address on Tuesday, Trump said a trade deal needed to include "real structural change to end unfair trade practices, reduce our trade deficit and protect American jobs".

But the likelihood of reaching a deal in the near future is waning. "I have complete confidence in the president, both to close a deal if we get to that point, but also to make that judgment".

The US President Donald Trump has increasingly put more pressure on the negotiators to ensure they arrive at a deal soon enough. Trump has threatened to raise tariffs from their current 10 percent level to 25 percent at the deadline.

A study released Wednesday by Tariffs Hurt the Heartland, a campaign opposed to tariffs, said an increase to 25% would reduce employment by 934,000 jobs and GDP by 0.37%.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER