Trump Says Summit With Xi 'Unlikely' by Tariff Deadline Date

10 February, 2019, 11:06 | Author: Wade Massey
  • Trade Deadline Will Come and Go: Trump Highly Unlikely to Meet Xi Before Mar 1 - Mish Talk

"No final deal will be made until my friend President Xi, and I, meet in the near future", Trump tweeted on January 31.

The dispute has escalated to encompass $360 billion in trade between the two economic superpowers, and without an agreement by the start of March, the Trump administration is poised to more than double the punitive duties on $200 billion in Chinese goods.

While the USA has said it is a hard deadline for the tariffs, Mr Trump has also suggested he could agree to extend negotiations beyond the month's end if progress is made.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are leading a group of administration officials headed to Beijing next week as part of the trade talks. Lighthizer told reporters last week that it was not certain a deal could be reached. It is also expected that the situation will negatively affect the US stock market. White House economic advisor Larry Kudlow said earlier on Thursday that China and the U. -China trade negotiations, which Bowen said lead some companies to relax a bit and back off of their contingency planning.

The 2 countries remain far apart on issues such as China's alleged violation of intellectual property rights.

Negotiations between Chinese and United States officials are still continuing, The New York Times reported.

FILE - U.S. President Donald Trump listens as he meets with China's Vice Premier Liu He in the Oval Office of the White House in Washington, Jan. 31, 2019.

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-North Korea summit on February 27-28 in Vietnam - to clinch a trade agreement.

A delay in the meeting between Mr Trump and Mr Xi is not a deal breaker, said Mr Derek Scissors, a China expert at the American Enterprise Institute.

"If we do make headway, and the president thinks we're close enough that he can close the deal on major issues, then I think he'll want to have a meeting and do that", he told reporters.

Both Trump and his top trade negotiator, Robert Lighthizer, have said that the March 2 deadline is a firm date and that the United States will not extend the timeline, which the two Presidents agreed upon during the G20 Summit in Argentina a year ago.

The March 2 tariff hike (if it happens) won't come as a surprise to the business world.

After China's lead negotiator, Vice-Premier Liu He, surprised Trump last week with a commitment to buy 5 million metric tonnes of American soybeans, a product at the centre of the tariff dispute, Congress stressed that the U.S. should not back away from its demands for key structural changes in exchange for China buying more American goods.

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