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Trump sees no Xi meeting by tariff deadline, stoking trade worry

Trump sees no Xi meeting by tariff deadline, stoking trade worry”

U.S. President Donald Trump and Chinese President Xi Jinping are unlikely to meet before their countries' March 1 deadline to reach a trade deal, two U.S. administration officials and a source familiar with the negotiations said on Thursday.

Addressing reporters at the White House, Trump answered in the negative when asked if a meeting could happen by March 1.

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 told reporters last month that he planned to meet Xi in late February, adding there was a "good chance" of striking a deal.

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 U.S. & emerging market shares.

The president is scheduled to travel to Asia at the end of this month for a summit with North Korean leader Kim Jong Un in Vietnam, and some had speculated that he could meet with Xi on the same trip.

Trump has been saying.

USA companies caught in the trade war are now anxious Trump will follow through on his initial threat to increase tariffs on US$200 billion of Chinese goods from 10 to 25 percent.

Trump claims that he is in a warm relationship with the Chinese president. Futures for the S&P 500 index shed 0.3 percent to 2,696.10.

The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened. U.S. Trade Representative Robert Lighthizer said he and Treasury Secretary Steven Mnuchin would advise the president on any future talks with Xi after they get back to the U.S.

President Trump had set a deadline of March 2nd to reach an agreement on trade.

"They're hoping for more success", he said.

But top White House economist Larry Kudlow told Fox Business on Thursday that while Trump was "optimistic" about prospects for a deal, there remained a "sizeable distance" separating the two sides. Trump has threatened to raise tariffs from their current 10 percent level to 25 percent at the deadline.

Washington complaints about technology transfers and intellectual property protections, along with accusations of Chinese cybertheft of United States trade secrets and a systematic campaign to acquire USA technology firms, were used by Trump's administration to justify punitive tariffs on $250bn worth of Chinese imports.



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