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NewsBreak: Trump, Xi Meeting on Trade Deal May Be Delayed

Published 11/07/2019, 04:04 AM
Updated 11/07/2019, 04:20 AM
© Reuters.
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Investing.com – A meeting between U.S. President Donald Trump and China President Xi Jinping to sign a long-awaited trade deal may be delayed, news reports said Wednesday.

  • The meeting had been set for late November in Chile but was put off by protests in Santiago. The current expectation is for a December meeting. The two sides are talking about Asia or Europe. Sweden or Switzerland seem the most likely spots, Reuters said. China nixed a Trump suggestion to meet in Iowa.

    • The terms are proving, as always, thorny. China has agreed to buy more farm products, and the deal is expected to include a U.S. agreement to scrap tariffs on $156 billion in goods including cell phones, laptop computers and toys. The tariffs were set to be imposed in December. It also wants relief on tariffs imposed in September on goods including machinery, semiconductors and furniture.

  • The possible delay is weighing on stocks, which had been rising steadily in expectation the deal is largely done. The S&P 500 was flat with an hour to go in the trading day. The Dow industrials and the Nasdq Composite are down slightly.

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