Trade hawks quietly bristle as Trump's China deadline approaches

11 February, 2019, 07:15 | Author: Trevor Moore
  • Trade Deadline Will Come and Go: Trump Highly Unlikely to Meet Xi Before Mar 1 - Mish Talk

Earlier, towards the end of January, President Trump revealed in a tweet that he would be expecting to meet his counterpart to negotiate on some of the most hard issues that the two countries have been holding for decades.

Japan's Nikkei 225 index was 1.6 percent lower at 20,413.91. While being asked whether there would be a meeting in a near-term outlook (in the next month or so), Trump appeared to be baffling when responding, "Not yet".

During a Thursday gathering in the Oval Office, Trump was asked about the prospects of a meeting before March 1, when the White House is expected to raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports.

Hong Kong's Hang Seng, reopening after a Lunar New Year break, gave up 0.8 percent to 27,757.40.

USA companies caught in the trade war are now anxious Trump will follow through on his initial threat to increase tariffs on US$200 billion of Chinese goods from 10 to 25 percent. Officials have reported little progress on contentious issues but remain hopeful that a deal will be struck. Stocks fell in the Philippines, Indonesia and Thailand but rose in Malaysia.

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Mnuchin and US Trade Representative Robert Lighthizer are set to meet their Chinese counterparts next week for trade talks. Another person close to the talks said Trump appeared determined to turn a pile of crumbs offered by China into what at best might turn out to be a slice of bread. Although no further details were revealed by the president in regard to such issues, it is expected that on the table will be the most recent militarization of the South China Sea by China, something that the U.S. perceives as a major threat to global security.

WALL STREET: Stocks closed lower on Thursday following a sell-off by technology companies, health care stocks and banks. Britain's FTSE 100 index added 0.2 percent to 7,108.82 as Prime Minister Theresa May and the European Union agreed to more negotiations over an exit deal.

In New York, the Dow Jones industrial average was down 266.10 points at 24,903.43. But the president and other senior administration officials have publicly and privately stated the negotiations are going well and that the two sides are continuing to bridge their differences at every round of talks. Brent crude, used to price worldwide oils, retreated 23 cents to $61.40 per barrel.

CURRENCIES: The euro was flat at $1.1337 while the dollar was steady at 109.79 yen.

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