US President Donald Trump says could extend China trade talks deadline

US President Donald Trump says could extend China trade talks deadline

US President Donald Trump says could extend China trade talks deadline

The soft sentiment drivers for markets had circled President Donald Trump overnight with his lack of an outright objection to the border-security deal and the suggestion of his flexibility in the deadline for a trade deal with China.

China's economy already has shown signs of slowing, while the trade war has shaken the confidence of U.S. businesses, as retaliatory tariffs have raised prices and helped choke off a key export market.

Those tariffs now stand at 10 percent, but an additional $50 billion worth of imports has already been hit by a 25 percent tariff.

Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings".

U.S. President Donald Trump said on Tuesday that he could see letting the March 1 deadline for reaching a trade agreement with China slide a little, but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point.

Trump's advisers have previously described March 1 as a "hard deadline", but Trump told reporters for the first time that a delay was now possible.

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While those purchases will provide relief to US farmers, there has been no breakthrough on the structural issues separating the two nations, such as industrial policy, government subsidies, protection of intellectual property or forced transfers of technology.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are now in Beijing, two days ahead of high-level talks with their Chinese counterparts.

Trump indicated that he'll wait and see what will come of the ministerial meeting that's starting on Thursday in Beijing.

A new round of trade talks between the USA and China begins in Beijing this week, with both sides hoping to reach a trade deal by the end of this month.

China and the United States, the world's two largest economies, have a series of other disagreements too, including over Chinese telecoms giant Huawei Technologies.

Facing an economic slowdown at home, the Chinese government has a strong motivation to address American demands and put an end to the trade war.

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