Trump sees no Xi summit by tariff date, stocking trade worries


President Donald Trump announced on Thursday during an event in the Oval Office that he did not plan to meet the Chinese President Xi Jinping before the March 1 deadline set by both parties to agree on a trade deal. But he shook his head and said no when reporters asked if the meeting would take place before March 2.

Along with planning a summit between Trump and North Korea's Kim Jong Un in Vietnam at the end of the month, the administration official told CNBC there may not be enough time.

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.

However, Trump's recent comment had substantially aired negativity and dampened the hope of reform of quick trade pack, meanwhile impacting the global stocks dreadfully and fueling a steep slip in global stock markets including the USA & emerging market shares.

But he said on Thursday that meeting won't happen before March 1st.

While the U.S. has said it is a hard deadline for the tariffs, Mr Trump has also suggested he could agree to extend negotiations beyond the month's end if progress is made.

The report comes just a day after White House economic advisor Larry Kudlow said there is a "pretty sizable distance to go" before China and the US reach a deal. Trump announced recently that he will increase USA tariffs on Chinese imports if the scheduled talks before the date fail.

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

USA stocks fell sharply on Thursday as it became clear the meeting will not take place before the deadline.

"I could see where that would impact the markets because, obviously, we had a lift in the month of January from optimism surrounding these trade talks", said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

The S&P 500 Index market worth dropped by 0.93 percent, the biggest drop in 2 weeks.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are leading a group of administration officials headed to Beijing next week as part of the trade talks.

"The likely outcome is that the tariffs remain at the current 10 percent rate", CNBC reported Thursday, citing administration officials and sources briefed by the White House. They include US demands that China boost imports of USA products, and Chinese government and corporate pressure on US firms to transfer their technology to Chinese partners.

Lighthizer said last week that tariffs had not been a subject of the talks.