Trump sees no summit with Chinese President by tariff date

Trump sees no summit with Chinese President by tariff date

Trump sees no summit with Chinese President by tariff date

US President Donald Trump said on Thursday he did not expect to meet his Chinese counterpart Xi Jinping before a March 1 deadline in trade war negotiations between the two economic superpowers. When asked by reporters at the White House later if he would meet with Xi before the end of the month, Trump shook his head and said "no", according to reports.

Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by 12:01 a.m. (0501 GMT) on March 2.

Time is running out for the USA and China to reach an agreement before the deadline the Trump administration has set to more than double tariffs on US$200 billion of Chinese goods. Analysts had hoped that Trump would jump over to China on his upcoming trip to Asia, when he is scheduled to meet North Korean leader Kim Jong Un, but Trump's most recent comments dispelled this belief.

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. It is also expected that the situation will negatively affect the US stock market. U.S. Treasury bond yields also dropped following the move of investors in securing their safety in sovereign U.S. debt. "They're making a mistake because they need to be prepared", he said. 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. China denies the accusations.

The US is showing much flexibility and is thus willing to extend the deadline beyond the March 1st self-imposed deadline - just for the two sides to agree to end the truth once and for all.

Such reforms have been a sticking point in talks so far.

Last week, Chinese and USA negotiators said they made "important progress", China's state media reported following the conclusion of two days of high-level talks in Washington, DC.

Mr Lighthizer told reporters last week that it was not certain a deal could be reached.

The US says it will raise tariffs on imports from China if they fail to reach an agreement by that deadline.

CNBC reported that the tariffs were likely to remain at the 10 percent rate.

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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