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Tuesday, 03 December 2019 12:30

Trump says China trade deal may have to wait amid sticking points in talks

Written by Reuters
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LONDON (Reuters) - President Donald Trump said on Tuesday a trade deal with China might have to wait until after the U.S. presidential election in November 2020, denting hopes that the two largest economies would soon reach an initial deal to ease their damaging trade war.

“I have no deadline, no,” Trump told reporters in London, where he was due to attend a meeting of NATO leaders.

“In some ways, I like the idea of waiting until after the election for the China deal. But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right.”

Trump's remarks sent stock prices tumbling and triggered a rush into safe assets such as U.S. Treasury debt. MSCI's measure of global stock performance .MIWD00000PUS slid 0.9%, while the U.S. benchmark S&P 500 Index .SPX dropped 1.22%, its largest fall in nearly two months. Investors piled into government bonds, driving the yield on the 10-year U.S. Treasury note US10YT=RR to a one-month low near 1.7%. The dollar weakened against a basket .DXY of key trading partners' currencies. Trump's comments came as sources in Beijing and Washington familiar with the talks said that the two countries have made progress, but are still wrangling over whether existing U.S.

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