President Trump and Chinese President Xi Jinping were scheduled to meet later this month. However, CNBC reports the two leaders meeting before the March 2 trade deal deadline is “highly unlikely.”
According to a senior administration official, the presidents are still planning to meet but there’s “too much work to do” in too short of a time period to flesh out a deal with China. The leaders set their March 2 deadline when they met in Argentina. While negotiators are making progress, officials said there’s still much work to be done.
Kudlow in a follow-up to Fox Business Network said, President Trump “does expect to meet with Xi but when is totally up in the air. At some point they will meet, but that is off in the distance at the moment.”
Currently, U.S. Trade Representative Robert Lighthizer is pressing Beijing to make structural changes that would end policies that force U.S. companies to hand over technology or intellectual property to do business there, according to Pro Farmer’s Jim Wiesemeyer.
“The administration has argued that such policies are a direct attack on U.S. innovation and represent an organized campaign by Beijing to dominate high-tech sectors,” he said.
As expected, the soybean markets crashed on the news of the delayed meeting between Trump and Xi.