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

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

The apparent reason U.S. President Trump can not sabotage a trade deal with China - by not meeting before March with counterpart Xi Jinping - is that there is no deal yet to destroy, according to media reports.

After that, Trump said that a meeting with Chinese President Xi Jinping will not take place before the crucial March deadline.

Businesses have been planning for the scenario of rising tariffs at the beginning of next month, by rushing imports and stockpiling goods - although that doesn't mean companies are embracing increased duties.

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.

However, Trump's recent comment had substantially aired negativity and dampened the hope of reform of quick trade pack, meanwhile impacting the global stocks dreadfully and fueling a steep slip in global stock markets including the United States & emerging market shares.

When asked by reporters if he planned to meet with Xi next month, the President said, "Not yet".

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

His position, together with a threat to raise tariffs on more Chinese imports on March 2, may be a US tactic to extract concessions from China, especially in structural areas such as alleged intellectual property theft and forced technology transfer.

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The main delegation also includes David Malpass, whom President Donald Trump has nominated to be president of the World Bank and who has worked to limit the bank's assistance to Beijing.

The news prompted a selloff in USA stocks overnight, with the S&P 500 Index closing 0.93% in its biggest drop in two weeks.

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

Mnuchin and US Trade Representative Robert Lighthizer are scheduled to travel to China next week to continue for the third round of trade negotiations.

The US President Donald Trump has increasingly put more pressure on the negotiators to ensure they arrive at a deal soon enough.

What happens to tariff rates on March 2 remains unclear. Trump has threatened to raise tariffs from their current 10 percent level to 25 percent at the deadline.

"They're hoping for more success", he said. Three sources familiar with the matter indicated that report was wrong. 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.

While officials seemed optimistic after talks last week in Washington, more recent comments have jarred financial markets, amplifying concerns about how the dispute will affect global growth.

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