Trade Talks With China To End On March 1 Unless Extended

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He revisited the issue later on Tuesday, within minutes of the commerce ministry's statement, writing on Twitter: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States". And then on Wednesday morning, Trump tweeted that he believed Xi "meant every word of what he said at our long and hopefully historic meeting". In the past, when longer-term yields have fallen below shorter ones, that has signaled a potential recession could follow within a year or so.

As the two countries work to resolve their differences, some Chinese analysts expect China to cut agricultural tariffs as a sign on commitment to the trade truce. And China has not confirmed that it made most of the concessions that the Trump administration has claimed.

Shepherdson worries that the president's fondness for tariffs might itself be enough to further suppress growth.

Chinese leaders routinely use delays of months or years to pressure negotiating partners.

An ongoing trade war has seen both countries impose duties on billions of dollars of one another's goods.

The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union.

The Trump administration has already faced criticism this week for a lack of detail and mixed messages about what the leaders agreed to at their dinner.

Trump had tweeted Sunday that China agreed to "reduce and remove" its 40% tariff on cars imported from the U.S. Treasury Secretary Steven Mnuchin said Monday that there was a "specific agreement" on the auto tariffs.

"The global picture is getting murkier, and that'll impact the eurozone via trade and sentiment", Erik Nielsen, chief economist at UniCredit bank, said in a note to clients. The changes USA officials have sought include forcing Beijing to lower tariffs on United States goods, stop dumping cheap steel and aluminium into foreign markets, and halting the theft of intellectual property, among other things. Trump claimed China had agreed to slash its current 40 percent tariffs on US auto imports to zero.

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There has also been confusion on the United States side, with the White House, Trump and his advisers making conflicting statements as to the details of a deal. "He wants a world of zero tariffs and zero non-tariff barriers and zero subsidies".

Trump, in a post on Twitter, linked Beijing's silence to officials' travels and said he thought Xi had been honest during their weekend meeting to hammer out progress over trade.

A day later, President Trump said on his Twitter that "the negotiations with China have already started" and that the deal will probably happen.

The Dow Jones Industrial Average shed 3.1% while the tech-dominated Nasdaq was nearly 4% down by the close.

US financial markets were closed Wednesday for the funeral of former President George H.W. Bush. That's because companies must either absorb the higher costs created by tariffs or pass them on to their customers.

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

Canadian officials announced Wednesday that Meng Wanzhou, Huawei's chief financial officer and the daughter of the company's founder, was detained in Vancouver last Saturday on suspicion of trying to evade US sanctions on Iran.

Kevin Scott, who farms near Valley Springs, South Dakota, and serves on the American Soybean Association, said the news provides hope for farmers who are storing their crops while awaiting better prices.

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