01:58 GMT +319 November 2019
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     U.S. President Donald Trump poses for a photo with China's President Xi Jinping before their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019

    Trump Announces Plan for New Location for Signing of ‘Phase One’ of US-China Trade Deal

    © REUTERS / Kevin Lamarque
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    US President Donald Trump says the signing site of the “phase one” trade deal, which represents 60% of the overall long-term agreement, will be announced “soon” after the initial gathering in Chile was cancelled due to protests.

    Chilean President Sebastian Pinera announced Wednesday he’s calling off the Asia-Pacific Economic Cooperation summit in Santiago in mid-November due to nationwide protests sparked by a proposed hike in public transport fares. Trump and Chinese leader Xi Jinping were expected to meet at the summit to discuss a possible “phase one” deal that the two countries are close to finalizing and could possibly even sign.

    “China and the USA are working on selecting a new site for the signing of Phase One of Trade Agreement, about 60% of the total deal, after APEC in Chile was cancelled due to unrelated circumstances,” Trump tweeted on Thursday. 

    Trump earlier said that the “phase one” trade deal represents the majority of a long-term agreement, as Bloomberg News reported Thursday that China is doubtful about reaching a comprehensive trade deal with the US due to Trump’s “impulsive nature.” The US president assured that the phase one deal is “very substantial” and phase two will start “almost immediately” after the first phase is signed.

    Trump had said the agreement would address issues such as intellectual property and financial services and has China promising to buy $40 billion to $50 billion in American agricultural products, while also including a pause in tariff hikes.


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