Asian stocks fall after Trump says no plans for Xi meeting

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

Depending on how those trade talks go, Trump may take a meeting with Xi "shortly" after the deadline.

Trade Representative Robert Lighthizer and other United States officials are scheduled to go to Beijing next week to again meet with their Chinese counterparts. Despite Trump's tormenting comments, which excruciated the financial market atmosphere and added new worries to the existing global slowdown and geopolitical tensions, White House Economic Adviser Larry Kudlow told the reporters on Thursday (February 7th), that, the leaders of the two economic superpowers might have still met at a later date.

Trump claims that he is in a warm relationship with the Chinese president.

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.

Asian stocks tumbled Friday on worries the USA and China won't reach an agreement.

Despite the optimism, the White House emphasised in a statement that a scheduled tariff increase on $200bn of Chinese goods to 25 percent from 10 percent was a "hard deadline" if no deal was reached by March 1.

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Treasury bond yields dropped, while the benchmark 10-year yield slid 4 basis points to a low of 2.66%.

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. "They're making a mistake because they need to be prepared", he said.

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.

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

Lighthizer told reporters at the conclusion of a round of talks in Washington last week that the two leaders may not meet if the negotiations had not progressed sufficiently. "China's representatives and I are trying to do a complete deal, leaving NOTHING unresolved on the table". 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.

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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