In a December 1 summit in Argentina, Trump and Xi agreed a truce in which both sides pledged to refrain from imposing further tariffs on each other's imports for 90 days while trying to complete talks to end the trade war.
With a March 1 deadline fast approaching, U.S. and Chinese officials resume negotiations next week to prevent escalation of a trade dispute that has major implications for the global economy.
Trump and Xi may still meet shortly after March 1, but there is still work to do to flesh out a trade deal and prepare the USA president for a high-stakes meeting with Kim, scheduled for February 27 and 28. The benchmark 10-year yield slid 4 basis points to 2.66 percent, the lowest in almost a week.
The countries had taken a 90-day hiatus in their trade war to hammer out a deal, and another round of talks is scheduled for next week in China. The ASA says it's the only way US soybean producers can regain commercial access to China, their most significant overseas market.
U.S. Treasury Secretary Stephen Mnuchin and trade representative Robert Lighthizer will lead a delegation to Beijing next week for the next round of trade talks. Without one, the U.S. will increase the tariffs on US$200 billion of Chinese goods to 25 per cent from the current 10 per cent.
Investor confidence dented as it became clear that a trade meeting between President Donald Trump and Chinese President Xi Jinping would not happen before a key March deadline. "They're making a mistake because they need to be prepared", he said.
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Trump told reporters Thursday at the White House after being briefed on the progress of the talks by Republican Alabama Sen. John Lewis, D-Ga., chairman of the oversight subcommittee, said the American public is intensely interested in the subject.
The United States is pressing China to make major reforms, including on structural issues related to how it treats US companies doing business there.
Early on Friday, New Zealand Prime Minister Jacinda Ardern said that the U.S. -Sino trade tensions could negatively impact her country's economy and hurt exporters, as China is New Zealand's top trade partner, generating NZ$16.6 billion in the 12-months prior to September 2018 (more than double the country's sales to the U.S.).
Such reforms have been a sticking point in talks so far.
While the U.S. has said it is a hard deadline for the tariffs, Mr Trump has also suggested he could agree to extend negotiations beyond the month's end if progress is made.
Lighthizer told reporters last week that the two leaders may not meet if the negotiations do not progress sufficiently.
Also pressuring markets was a report out Thursday that President Trump is planning to sign an executive order next week which would ban Chinese telecommunications equipment from US wireless networks. The president has said repeatedly that the tariffs would go up if no deal has been reached, and that position has not changed, one source said. Markets in China were closed.