Trump says China trade deal might have to wait for 2020 election

U.S. President Donald Trump looks on as France's President Emmanuel Macron talks during a meeting ahead of the NATO summit in Watford in London Britain

U.S. President Donald Trump looks on as France's President Emmanuel Macron talks during a meeting ahead of the NATO summit in Watford in London Britain

Stocks dropped Tuesday after U.S. President Trump said he can wait until after the 2020 election to make a trade deal with China.

Ross said it was theoretically possible that Washington could use tariffs authorized by the World Trade Organization under a separate case over aircraft subsidies to impose tariffs on European vehicle imports.

"Once the election occurs-and the president seems to be in very good shape for the election-once it occurs and he's back in, now that's no longer a distraction that can detract from our negotiating position", he added. "I watch jobs. Jobs are what I watch; I watch making the proper deal", he said. The President said there was no-deadline for the trade deal and a deal would be completed when he was ready.

"I don't think he likes me too much anymore, but that's OK", Trump told reporters in London.

In response to the Hong Kong Human Rights and Democracy Act, China suspended USA warship visits to the territory and said it imposed sanctions on American NGOs, though it has not released any details on what they entail.

Trump's statement on Tuesday prompted investors to reduce their exposure to risk, with Asian shares extending their losses, while the USA dollar slid to a one-month low, making gold more attractive.

"What President Trump envisions with tariffs is a means to an end, and the end ... is free trade", he said.

Just the day before, Trump threatened new tariffs of up to 100 percent on $2.4 billion in French products, including wine, cheese and yogurt.

Ross said he was optimistic about a fruitful trade negotiation with Beijing, given the economic problems in China, "particularly the hollowing out of supply chains".

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"That's a trend that is going to continue, especially as long as there's the trade uncertainty", Ross said. But sources familiar with the talks say the two sides are still wrangling over the details including whether existing U.S. tariffs on Chinese goods will be removed and how much in additional U.S. agricultural products China will buy. The Trump administration recently touted a "phase one" deal with China, though the signing of that deal was canceled last month, and tensions also persist between the US and China due to the civil unrest in Hong Kong.

Analysts say China's response to the passage of the Uighur bill could be stronger than its reaction to a recent U.S. law backing Hong Kong protesters.

Beijing said on Monday it had banned United States military ships and aircraft from visiting Hong Kong ports and sanctioned several US-based non-governmental organisations.

Ross said the regime's retaliation barring US port calls was "fairly modest".

Analysts said China's response to the passage of the Uighur Bill could be stronger than its reaction to the USA law backing Hong Kong protesters.

Earlier on Monday, Trump said the Hong Kong legislation didn't help trade negotiations with the regime. "We'll see what happens".

"Any doubts about the vulnerability of equity markets to the mood of the U.S. President should have been dispelled, as his recent tweets and comments have almost wiped out the entirety of November's gains", said Ian Williams, economics & strategy analyst at Peel Hunt.

Another Chinese government official who declined to be identified said it may take a very long time for Washington and Beijing to reach a deal if they can not find a way to strike one while "the iron is hot".

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