US-China Trade War Latest Developments: Trade Deal Signing to be Delayed Until December?
Latest reports around the US-China trade war suggest that the signing of the partial deal could be delayed at least into December as both nations are still unsure of the terms and location where their leaders could meet. Latest remarks from a senior US government official suggest that reaching a “phase 1” trade agreement looks challenging.
After high level talks in Washington during October, US President Donald Trump had announced a much needed breakthrough in negotiations towards completing a partial trade deal. There were high expectations that the deal could be signed between Trump and his Chinese counterpart Xi Jinping at the APEC summit in Chile during mid-November, but the summit got cancelled on account of violent protests in the nation.
While the initial announcement brought back the risk-on sentiment in markets and sent investors cheering, lack of further progress in finalizing a venue and a date for the signing of the deal have once again raised uncertainties and put the focus on the trade war. According to the US official, the next possible meeting could take place in early December when Trump is due to visit London for the NATO summit.
London remains a strong possibility for now and is being considered as a venue where Trump and Xi could meet and sign the partial trade deal. While officials from both sides had previously confirmed that negotiations were making progress, uncertainty rose after China put pressure on the US to have more tariffs removed before signing the deal.
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