Published: Thu, February 14, 2019
Markets | By Otis Pena

Trump mulls delaying March 1 deadline for China trade truce

Trump mulls delaying March 1 deadline for China trade truce

U.S. Treasury Secretary Steven Mnuchin looks forward to several important days of trade talks, he said on Tuesday after arriving in the Chinese capital for high-level talks to hammer out a deal ahead of a March 1 deadline. "President Trump and President Xi sitting down face-to-face figuring that out and getting that final deal because they are the only two that'll ultimately be able to nail that down", Sanders said.

A second source said that Xi is expected to meet the USA delegation in Beijing this week, although the specific timing has not yet been confirmed. They are under the gun to seal an accord ahead of the deadline set by Donald Trump, though the U.S. president said on Tuesday that he was open to extending that, depending on progress in Beijing. After that date, USA tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

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Negotiators from the world's two largest economies began their latest round of talks this week ahead of the March 1 deadline for additional USA tariffs on Chinese goods. Beijing officials have yet to offer satisfying proposals on United States demands.

Trade talks between the US and China have resumed and China is reportedly upbeat.

The Chinese delegation will be led by Vice Premier Liu He, and central bank governor Yi Gang.

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James Green, a senior research fellow at Georgetown University, believes China is seeking a Xi-Trump meeting, hoping it would make a near-term deal on tariffs far more likely.

Both the Chinese government and Huawei have dismissed these concerns.

A March 1 deadline is looming for China and the U.S. to strike an accord before Washington hikes tariffs on Chinese goods to 25%.

The Hong Kong newspaper The South China Morning Post reported Monday the meeting could take place in late March on the southern Chinese island of Hainan.

Trump's comments are the strongest indication that he's willing to give the Chinese more time to firm up a deal to head off the bruising trade conflict, which has cast a cloud over the global economy.

"We conduct routine and regular freedom of navigation operations as we have done in the past and will continue to in the future", he said. "It would be a awful cost for American consumers and a bad hit to the global economy".

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