Economy

Trump says China trade deal deadline could slide

Trump says China trade deal deadline could slide

US President Donald Trump said Thursday he did not expect to meet his Chinese counterpart Xi Jinping before a March 1 deadline for the two economic superpowers to reach a deal.

Top US officials arrived in the Chinese capital on Tuesday ahead of high-level trade talks as the world's two largest economies attempt to hammer out a deal ahead of a March 1 deadline and avoid another escalation of tariffs.

The latest leg of trade talk held next to White House between Chinese Vice Premier Liu He and US Treasury's Mnuchin and other US officials, had not been as productive as it was expected to be and the global markets paid a hefty price following the trade talk that ended last week. The 10 percent on 200 billion goes up to 25 percent on March 1st. But the two sides are only just starting the work of drafting a common document and are still tussling over how a deal may be enforced, which US officials have repeatedly called a crucial element.

USA tariffs on $200 billion (155 billion pounds) worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides can not reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture. Trump had said final resolution of the trade dispute would depend on the meeting with Xi "in the near future" but told reporters it had not yet been arranged.

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The US has imposed tariffs on $250bn (£193bn) worth of Chinese goods, and China has retaliated by imposing duties on $110bn of US products.

Deputy-level talks began this week in Beijing. It has fast-tracked approval of a law that would ban theft of intellectual property and forced technology transfers, but the question is how much more it can compromise.

US campaign against Huawei faces challenge in Eastern Europe / WSJ (paywall)"In the Czech Republic, officials have taken opposite sides on how to balance security concerns raised by the USA, and the country's own cybersecurity officials, with the desire for Chinese investment, trade and business opportunities".