Not Meeting Xi Jingping Before Trade Talks Deadline: Donald Trump

Not Meeting Xi Jingping Before Trade Talks Deadline: Donald Trump

Not Meeting Xi Jingping Before Trade Talks Deadline: Donald Trump

ENERGY: U.S. crude oil fell 25 cents to $52.39 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price global oils, rose 13 cents to $61.76 per barrel. However, a trade war is likely to escalate between the countries.

Trump was asked by reporters whether there would be a meeting in the next month or so, Trump replied: 'Not yet.

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.

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

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

The two sides have three weeks before United States duty rates on many Chinese goods are due to jump sharply, which economists say could further weaken the global economy.

Last week, at the end of the two days of talks, Trump said in a tweet: "No final deal will be made until my friend President Xi, and I, meet in the near future to discuss and agree on some of the long standing and more hard points".

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On Thursday, while acknowledging that Trump was still optimistic about a deal, Kudlow said, "We've got a pretty sizable distance to go here".

The S&P 500 hit a session low shortly after the news that Trump was unlikely to meet Xi this month was first reported by CNBC.

Treasury Secretary Steven Mnuchin said Wednesday he, U.S. Trade Representative Robert Lighthizer and other senior administration officials will travel to Beijing next week for trade talks, aiming to strike a deal before the deadline. Treasury bond yields dropped as investors sought safety in sovereign US debt.

Yet as he approaches a potential deal, some of the very hawks who have cheered on Trump's trade war already fear he may end up falling short.

Last week, Trump and Chinese officials had expressed optimism during the second round of talks in Washington about chances of striking a bargain but they released few details about progress in their talks. Washington accuses China of stealing US intellectual property and forcing American companies to share their technology. A source familiar with the talks expressed skepticism about that report to Reuters, and Lighthizer said last week that tariffs had not been a subject of the talks.

The United States is pressing China to make major reforms, including on structural issues related to how it treats US companies doing business there.

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