The Dow Jones Industrial Average plunged more than 300 points Thursday on news that the United States and China were making little progress in trade talks.
National Economic Council Director Larry Kudlow said on Fox Business Network that the two sides had a “pretty sizable distance” between them.
CNBC reported, citing an unnamed administration official, that a meeting between President Trump and Chinese President Xi Jinping would not be held until after a crucial March 1 deadline.
{mosads}That’s the date that Trump’s tariffs on Chinese imports will automatically jump from 10 percent to 25 percent.
A study by a pro-trade group said that such a move could lead to nearly a million lost U.S. jobs, and that number could double if China retaliates in kind.
Treasury Secretary Steven Mnuchin is expected to travel to China next week to continue negotiations.
Markets have been tumultuous since early 2017, a year that produced negative returns for stock investors. After one of the worst Decembers on record for markets, stocks came roaring back in January.