Trump says no immediate plan to meet Chinese leader on trade

Trump says no immediate plan to meet Chinese leader on trade

Trump says no immediate plan to meet Chinese leader on trade

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.

THE DAY IN ASIA: Japan's Nikkei 225 index closed 2 percent lower at 20,333.17.

Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by 12:01 a.m. (0501 GMT) on March 2.

Trump responded "No" and shook his head Thursday when reporters at the White House asked him if he would meet with Xi this month. Hong Kong's Hang Seng, reopening after a Lunar New Year break, gave up 0.4 per cent to 27,892.15. Still, he declined to say whether he expected negotiators to strike a deal before the end of the month, when Trump has said he will raise tariffs from 10 percent to 25 percent on $200 billion in Chinese goods. The trade dispute between the world's two largest economies, which has cooled in recent months, has weighed on the outlook of businesses and the global economy.

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The negative mood sweeping across financial markets late in the trading week continues to highlight how investor sentiment remains extremely sensitive to any changes in the narrative with US-China trade developments. Hopes faded away that the two countries are moving forward to a deal before new tariffs on Chinese imports are added after the truce deadline. An American delegation that is scheduled to take place in Beijing next week will be headed by Lighthizer and Steven Mnuchin, the Treasury secretary, for more trade talks. On Friday, Japanese electronics and entertainment company Sony announced its first 100 billion yen ($911.2 million) share buyback for 2.36 percent of its Tokyo-listed stock.

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.

The benchmark Dow Jones Industrial Average lost more than 300 points following Kudlow's remarks but pared some of these losses, closing down 0.9 percent for the day. Futures for the S&P 500 index shed 0.3 percent to 2,696.10.

But the President and other senior 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. It dropped $1.37 to settle at $52.64 per barrel in NY. It fell $1.06 to close at $61.63 per barrel in London.

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