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All three major US indices were sharply lower in midday trading Thursday. CNBC reported President Donald Trump and Chinese President Xi Jinping are "highly unlikely" to meet before planned escalations in the US-China trade war. Stocks had already been down on concerns about global growth.  Wall Street extended declines Thursday after a report that a meeting between President Donald Trump and Chinese President Xi Jinping may not happen before a temporary truce in the US-China trade war expires. The Dow Jones Industrial Average fell 325 points, or 1.3%. The Nasdaq Composite shed 1.6%, and the S&P 500 was 1.4% lower. Chipmakers, which have high revenue exposure to China, and industrials, seen as bellwethers for global trade, were among the biggest losers. CNBC reported Thursday that a senior administration official said the two leaders are "highly unlikely" to meet before a March 1 deadline, after which the Trump administration is scheduled to more than double tariff rates on $200 billion worth of Chinese products. The White House did not immediately respond to an email requesting comment. Along with planning a summit between Trump and North Korea's Kim Jong Un in Vietnam at the end of the month, the administration official told CNBC there may not be enough time before the deadline but that a meeting may happen "shortly thereafter." Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer are set to meet their Chinese counterparts next week for trade talks, but administration officials have suggested there is a long way to go before a deal is reached. There have been a series of sticking points in the ongoing dispute, including rules on intellectual-property theft and state support for high-tech and industrial companies. Stocks had already been down Thursday after the European Commission dimmed its outlook for the year. Citing a series of concerns including Brexit, trade tensions, and weaker demand in China, it lowered its economic growth forecasts for the eurozone. Oil prices fell more than 3% following the report and a day after government data showed US inventories rose last week, with West Texas Intermediate trading around $52 a barrel and Brent just over $61. The dollar climbed against a basket of peers for a sixth day, and Treasury yields slumped. SEE ALSO: The US and China are 'miles and miles' apart on a trade deal. Here's what it means if no deal is reached. Join the conversation about this story » NOW WATCH: North Korea's leader Kim Jong Un is 35 — here's how he became one of the world's scariest dictators