With the U.S.-China trade truce nearing its 90-day deadline, a meeting between U.S. President Donald Trump and Chinese President Xi Jinping appears “highly unlikely,” per a report by CNBC. This caused the Direxion Daily FTSE China Bull 3X ETF (NYSEArca: YINN) to fall over 4 percent on Thursday.

Likewise, the Dow Jones Industrial Average responded on the downside, falling over 300 points. Bearish China traders in the  Direxion Daily FTSE China Bear 3X ETF (NYSEArca: YANG) revealed in the declines as it gained over 4 percent on the news.

While President Trump is painting an optimistic picture that a deal will get done, White House economic advisor Larry Kudlow said the two largest economies were still far away on reaching a permanent trade agreement.

“The president has indicated that he’s optimistic with respect to a potential trade deal,” Kudlow told Fox Business. “But we’ve got a pretty sizable distance to go here.”

Related: Why Investors Should Revisit China ETFs

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