Meanwhile, the stock market in the USA experienced a sharp fall on Thursday after Trump confirmed that he would not meet Xi Jinping anytime before the trade deal deadline. This unfavourable development has certainly raised concerns over trade talks dragging on beyond the 90-day tariff truce.
"At some point the two presidents will meet, that is what Mr. Trump has been saying".
"If we don't make headway between now and then, my advice would be we can't fit".
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 bond yields dropped as investors sought safety in sovereign USA debt.
The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened.
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.
Trump and Xi may still meet shortly after March 1, but there is still work to do to flesh out a trade deal and prepare the United States president for a high-stakes meeting with Kim, scheduled for February 27 and 28. Without one, the United States will increase the tariffs on US$200 billion of Chinese goods to 25 per cent from the current 10 per cent. Washington accuses China of stealing US intellectual property and forcing American companies to share their technology. With all the ingredients for another round of a stock market selloffs in place, equity bears are seen jumping back into the scene if US-China trade talks do take a turn for the worst.
Chinese officials have said their policies do not coerce technology transfers.
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