Xi summit will not happen in March - Mnuchin

US stocks close higher; Boeing shares turn volatile

Trump acknowledged on Wednesday that Xi may be reluctant to come to the US president's Mar-a-Lago estate in Florida without an agreement in hand after seeing Trump end a separate summit in Vietnam with North Korean leader Kim Jong Un without a peace deal. China retaliated by slapping duties on about $110 billion of US goods.

None the less, followed by the news of a delayed Trump-Xi summit, the Aussie shares alongside currency, which were widely considered as a hallmark of investors' confidence on Chinese economy, had tottered on Thursday (March 14th), as ASX 200 had closed the day deep in the reds and the Australian dollar faltered over 0.50 percent to $0.7050 during mid-morning U.S. trading hours. "I expect that something will resolve in the near future", Mnuchin said. He said he often tried during his time at the White House to convince Trump that tariffs made products that Americans buy more expensive and hurt the economy. In fact, no trade talks between Jinping and Trump's team has been set for more than two weeks already, CNBC reported.

On March 12, the Washington Post stated U.S. Trade Representative Robert E. Lighthizer told the Senate Finance Committee "Our hope is that we are in the final weeks" of negotiations. I would prefer that. "Our country is doing great".

There is now no plan for the U.S. to send another lower-level delegation to Beijing to iron out the details but it's possible Lighthizer would have to make the trip again to finalize some of the outstanding points in person.

Xi's staff have scrapped planning for a potential flight to the United States following a trip to Europe later this month, a separate person said.

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"I was losing the war on tariffs every day with the president. We're going to see what happens", he said.

"It's an exciting time in terms of trade", Trump said.

Meanwhile, I am sure a pause in Tariffs and a delay in the deal suits China just fine. "We have other deals that we have cooking", he said.

"What was happening to our country on trade was a terrible thing; that this wasn't done years ago". I'm talking about that and plenty of other administrations before it. "Who's making these deals?" he said. Trump said he would boost tariffs on $200 billion of Chinese goods to 25% from the current 10%.Those 90 days ended March 1.

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