After round and round of stock market deal ramps comes news Trump Said to Be ‘Highly Unlikely’ to Meet With Xi Before March 1 Deadline.
President Trump is “highly unlikely” to meet with Chinese President Xi Jinping ahead of a March 1 deadline to reach a trade deal, a White House official said Thursday. Mr. Trump recently said he would meet with his counterpart, but the White House backed off that earlier this week and on Thursday firmly said it wouldn’t happen.
Officials say they remain optimistic they will reach an accord, but more work remains before the two presidents can complete a deal. Messrs. Trump and Xi agreed on Dec. 1 to 90-day truce in the trade dispute.
The U.S. agreed to suspend its plans to raise tariffs on $200 billion of Chinese goods to 25% from 10% to give negotiators a chance to settle issues. They include U.S. demands that China boost imports of U.S. products, and Chinese government and corporate pressure on U.S. firms to transfer their technology to Chinese partners.
I still expect a deal, with much fanfare, most likely accompanied with talk from Trump about the “greatest trade deal in the history of the world”.
Alas, it will likely just take things back to the status quo,, just as happened with NAFTA, now renamed USMCA and bragged about as if something happened that didn’t.
Mike “Mish” Shedlock
Yesterday’s news from the Chicoms said they were committed to building four more nuclear aircraft carriers by 2025. When asked how they would pay for it and the new stealth planes that use them when the economy is slowing, the spokesman said something to the effect that nothing is more important to the “party” than taking over Taiwan and having a world-class navy to protect their interests in the western Pacific and the ocean transportation routes around the world. When you have 1.4 billion people whose lives you can direct to do your bidding, what does a little trade deal mean? Small potatoes in the grand 50 year scheme of things.
But to Trump, it means the level of the S&P 500. Even though the world is slowing and much of Europe is headed to recession he’ll soldier on with his endless tweeting about the “huge” deal he worked out with is close friends and murderous Communist dictators Xi and Kim.
And there’s always Powell, who he has in his side pocket whenever the market is down a couple of %. Can’t have that, you know. Election coming up. Lots to do to keep the sheeple entertained.
The one thing that Trump, Powell and Xi can’t do is create demand for GDP or corporate profits. They can’t even create inflation even though they have sure as hell tried to the tune of many Trillions. Expect to see negative interest rates out of the Fed and the other central banks, based on the recent trial balloon hoisted by the San Fran Fed in their recent “analysis” of what could have improved things after the GFC.
such bullshit post with regards of china.. i expect no less from you
Along about now, a really smart negotiator would begin crediting “Chinese sources” with suggesting an alternative approach of using binding arbitration in IP disputes and all parties’ employment of trade secrets versus patents for future IP protection, with traditional cross-licensing when sharing. Then, I’d trumpet it endlessly on Twitter as a really HUUUUUGE breakthrough…and wait.