Trump, Xi Now Unlikely to Meet Before March Deadline

Trade Deadline Will Come and Go: Trump Highly Unlikely to Meet Xi Before Mar 1 - Mish Talk

Trade Representative Robert Lighthizer and other USA officials are scheduled to go to Beijing next week to again meet with their Chinese counterparts.

Trump's comments echoed what United States administration officials said earlier in the week, relaying that the two men were unlikely to meet before the deadline.

The S&P 500 Index market worth dropped by 0.93 percent, the biggest drop in 2 weeks.

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. But he said on Thursday that meeting won't happen before March 1st.

One senior administration official said the decision not to go ahead with a meeting between Xi and Trump before March 1 should not be read as a sign the talks were breaking down. The date was mutually agreed upon by the two Presidents during the G20 Summit in Argentina a year ago.

He does anticipate the US and China could reach a deal later this year to remove the tariffs, with the upcoming election cycle playing a role in the timing.

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If the talks do not succeed, Trump has threatened to increase USA tariffs on Chinese imports.

FILE - U.S. Trade Representative Robert Lighthizer, accompanied by Trump administration officials, speaks during a meeting with Chinese Vice Premier Liu He and other Chinese officials on the White House Complex, Jan. 30, 2019. "They're making a mistake because they need to be prepared", he said. It also did nothing to remove the underlying cause - Chinese retaliatory tariffs - of last year's collapse in USA soy exports to China.

The American Soybean Association says trade talks are good, soybean purchases are good, but lifting the tariff that China slapped on USA soybean imports would be better.

Lighthizer told reporters at the conclusion of a round of talks in Washington last week that the two leaders may not meet if the negotiations had not progressed sufficiently. "I have complete confidence in the president, both to close a deal if we get to that point, but also to make that judgment".

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

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%.

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