Trump, Xi unlikely to meet before March 1 trade deadline

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

U.S. markets closed down Thursday and continued to be hit Friday with the Dow, S&P 500, and Nasdaq all 0.3% lower as of 8.35 a.m in London (3.35 a.m in New York). This unfavourable development has certainly raised concerns over trade talks dragging on beyond the 90-day tariff truce.

In a meeting at the White House on Wednesday, Mr Trump's trade team discussed the next steps for the trade talks, according to a person briefed on the matter. Trump has threatened to raise tariffs from their current 10 percent level to 25 percent at the deadline.

USA and Hong Kong media have reported that Trump and Xi may meet in late February - possibly around the time of a U.S.

Selling was triggered after White House economic advisor Larry Kudlow said on Fox on Thursday that "there is a pretty sizeable distance to go" to achieve a deal.

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

President Donald Trump and Chinese President Xi Jinping are "highly unlikely" to meet before planned escalations in the US-China trade war, a senior administration official told CNBC. Treasury bond yields dropped as investors sought safety in sovereign USA debt.

"I could see where that would impact the markets because obviously we had a lift in the month of January from optimism surrounding these trade talks", said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. The benchmark 10-year yield slid four basis points to 2.66 percent, the lowest in almost a week.

Canada's main stock index posted a triple-digit decline in late-morning trading as the Toronto market was hit by broad-based weakness and US markets sank into the red. They include USA demands that China boost imports of US products, and Chinese government and corporate pressure on US firms to transfer their technology to Chinese partners.

Trump, who made the comments on Thursday during two days of negotiations between American and Chinese trade officials, suggested a face-to-face meeting could be combined with his trip to Asia later this month for a second meeting with North Korean leader Kim Jong-un, reports The New York Times.

Trump said in his State of the Union address on Tuesday that any new trade deal with Beijing "must include real, structural change to end unfair trade practices". Lighthizer told reporters last week that it was not certain a deal could be reached.

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