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US stocks crash as Trump and Xi unlikely to meet before deadline

President Donald Trump and Chinese president Xi Jinping will not likely meet before the trade deal deadline on March 1.

Trump said he did not have plans to meet with Xi when asked during an event in the oval office on Thursday.

President Donald Trump said he did not have plans to meet with Chinese president Xi Jinping before the March 1 deadline, which was set by the two countries to achieve a trade deal.

Trump was asked by reporters whether there would be a meeting in the next month or so, Trump replied: ‘Not yet. Maybe. Probably too soon. Probably too soon.’

Trump’s comments echoed what US administration officials said earlier in the week, relaying that the two men were unlikely to meet before the deadline.

White House economic adviser Larry Kudlow told reporters on Thursday that the two economic leaders could still meet at a later date.

‘At some point the two presidents will meet, that is what Mr. Trump has been saying. But that is off in the distance still at the moment,’ Kudlow said.

Trump said last week he would meet Xi again to finalise the final deal. The US presdient has threatened to increase US tariffs on Chinese imports, if no deal is reached.

US Stock market crashes over renewed weak US-China relations

The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened.

The news prompted a selloff in US stocks overnight, with the S&P 500 Index closing 0.93% in its biggest drop in two weeks.

Treasury bond yields dropped, while the benchmark 10-year yield slid 4 basis points to a low of 2.66%

Last week investors were optimistic, with hopes the two countries would progress toward a deal before tariffs on Chinese imports would rise to 25% after the deadline.

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