White House refutes reports of canceled trade meeting
SEE ALSO :Trump threatens to slash GM subsidiesThe Financial Times and CNBC both reported Tuesday afternoon that Washington had canceled a preliminary meeting set for this week ahead of Liu's visit. American officials had reportedly cited a lack of progress on the most difficult issues in the trade dispute -- including allegedly forced technology transfers and far-reaching structural reforms to China's economy. The reports sent Wall Street even further into the red. US stocks had already opened lower on downgraded forecasts for global economic growth. But, shortly before the close of trading in New York, top White House economic aide Larry Kudlow flatly denied the reports during an appearance on CNBC. "With respect, the story is not true," Kudlow said.
SEE ALSO :US to sign free trade deal in Argentina"Will it be solved at the end of the month? I don't know. I wouldn't dare predict and want to make sure people understand how important that is to put it on the table." If both sides fail to reach a resolution to the trade war, US duty rates on $200 billion in Chinese goods are due to rise to 25 percent from their current 10 percent, a prospect that has shaken markets in recent months. Last year, the Chinese economy posted its slowest annual growth in nearly three decades, according to official figures published Monday in Beijing, underscoring concerns the trade conflict with the United States could sap the strength of the world's second-largest economy and harm global growth in the process.