US President Donald Trump told that he did not expect to meet his Chinese counterpart Xi Jinping before a 1st March deadline of trade war approvals between the two economic global powers. Trump told the reporters at the White House, “ Not yet ”while he has been asked if a meeting had been organized for within next month.
Trump has informed that the final decision on the trade dispute would depend on him and XI meeting “in the near future”.
There had been a forecast which the US President might meet the Chinese leader after he visits Vietnam in late February for a summit with the North Korean leader Kim Jong Un.
The United States has intimidated to more than double subsisting tariffs on the import of Chinese goods at the beginning of March if there is no deal on measures to revamp the trade practices of China, which Washington claims are crucially not fair.
But top White House economist Larry Kudlow told that while Trump was “optimistic” about prospects for an agreement, there continued to exist a “sizable distance” departing the two sides.
The benchmark Dow Jones Industrial Average lost more than 300 points following the remarks of Kudlow but trimmed some of these losses, closing down 0.9 percent for the day. In the last week, the Chinese officials and the US President had professed optimism during the second round of discussions in Washington about scopes of a stunning bargain but they disclosed few details about the progression in their discussions.
Three weeks before US duty rates on many Chinese goods are due to jump severely, which economists say could further wither the global economy.
The trade representative of US, Robert Lighthizer and the Treasury Secretary Steven Mnuchin are due to visit China to continue the third round of trade negotiations in the next week. Washington is claiming far-reaching alteration to the industrial policy of China, which the US officials allege as the involvement of stealing from the intellectual property in the US and a huge market deformation through the granted money by the government for the competitive price of the commodity and the other measures.