Trump won’t meet China’s Xi before trade truce deadline

Trump and Xi shake hands after making joint statements in Beijing in November 2017

Though Washington continues to posit that the ban is entirely for cybersecurity in the U.S., Huawei, one of the largest producers of networking equipment in the world, continues to claim that its products are entirely safe, and that Trump is using claims of cybersecurity to prevent competition in the U.S. from Chinese telecommunications companies.

China and the United States had taken a 90-day hiatus in their trade war to hammer out an agreement, and another round of talks scheduled for next week in Beijing.

When asked whether there would be a meeting in the next month or so, Trump said: "Not yet".

The United States has threatened to more than double existing tariffs on Chinese goods at the start of March if there is no agreement on measures to reform China's trade practices, which Washington says are deeply unfair.

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

Selling was triggered after White House economic advisor Larry Kudlow said on Fox on Thursday that "there is a pretty sizeable distance to go" to achieve a deal.

Mr Trump told reporters last month that he planned to meet Mr Xi late this month, saying there was a "good chance" of striking a deal. Treasury bond yields dropped as investors sought safety in sovereign USA debt. The benchmark 10-year yield slid four basis points to 2.66 percent, the lowest in almost a week. U.S. Trade Representative Robert Lighthizer is pressuring Beijing to make structural changes that would bring an end to policies that force U.S. companies to hand over technology or intellectual property as a requirement for doing businesses in the country.

The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened. Washington accuses China of stealing US intellectual property and forcing American businesses to share their technology with Chinese companies.

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. 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. It is also expected that the situation will negatively affect the US stock market.

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.

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