No meeting with China's Xi before tariff deadline

US President Donald Trump and China's President Xi Jinping meet business leaders in Beijing China on Nov 9 2017

US President Donald Trump and China's President Xi Jinping meet business leaders in Beijing China on Nov 9 2017

Global stock markets drifted lower Friday after President Donald Trump said he doesn't plan to meet Chinese leader Xi Jinping before their truce on raising tariffs in a festering trade dispute ends in early March.

After China's lead negotiator, Vice-Premier Liu He, surprised Trump last week with a commitment to buy 5 million metric tonnes of American soybeans, a product at the centre of the tariff dispute, Congress stressed that the U.S. should not back away from its demands for key structural changes in exchange for China buying more American goods. But that is off in the distance still at the moment, ' Kudlow said.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

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

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

The United States and China have been engaged in a trade war since Trump announced last June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit.

The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened. A 90-day financial truce was agreed upon by Trump and Xi following a formal dinner at the G20 summit in Buenos Aires, Argentina.

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President Donald Trump and Chinese President Xi Jinping are "highly unlikely" to meet before planned escalations in the US-China trade war, a senior administration official told CNBC.

Washington complaints about technology transfers and intellectual property protections, along with accusations of Chinese cybertheft of U.S. trade secrets and a systematic campaign to acquire U.S. technology firms, were used by Trump's administration to justify punitive tariffs on $250bn worth of Chinese imports. China denies the accusations.

Trump said in his State of the Union address on Tuesday that any new trade deal with Beijing "must include real, structural change to end unfair trade practices".

White House officials have been cautious about conflating the trade and North Korea issues, despite China's invitation for Trump to meet Xi immediately after the U.S.

Such reforms have been a sticking point in talks so far. "China's representatives and I are trying to do a complete deal, leaving NOTHING unresolved on the table".

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

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