As President Donald Trump threatens escalating tariffs and a potential trade war against China, officials on both sides see little urgency in striking a trade deal with China before November's midterm elections, Financial Times reported Monday.

China's Vice President Wang Qishan and chief economic adviser Liu He did ask the White House if it intended to agree to a deal before midterms, according to FT. 

Amid a potential trade war and economic softening, the market in Shanghai closed Monday at its lowest level since November 2014

"Economic data out of China last week was not particularly good  . . . a little lower than expectations, so you've already had some investors trading prices lower," JPMorgan Asset Management analyst in Hong Kong Hannah Anderson told FT. "Then over the weekend there was a hit to sentiment from negative trade war headlines."

Some American officials believe China has no incentive to concede anything on trade before the midterms, as it might be banking on President Trump losing leverage if Republicans cannot keep their majorities in the House and Senate.

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