(Nov 7): President Donald Trump and Chinese President Xi Jinping may not be able to sign a partial trade deal until December, and two US locations have been ruled out for their highly anticipated meeting, according to a person familiar with the matter.

The two sides have been trying to negotiate a limited trade deal that would entail the US dropping some tariffs on Chinese imports in exchange for Beijing resuming purchases of American farm goods and other products.

The US-China trade war that Trump began has been a drag on both nation’s economies, and the leaders had initially expected to take a step toward resolving it ahead of the 2020 US elections at an international summit in Chile this month. The summit was cancelled because of protests in the capital, Santiago.

US locations for a Trump-Xi meeting that had been proposed by the White House, including Iowa and Alaska, have been ruled out, the person said. Locations in Asia and Europe are now being considered instead, the person said, asking not to be identified because the discussions aren’t public.

Stocks in Asia were mixed Thursday and futures on the S&P 500 were flat. Equities in Japan edged up, while Hong Kong slipped and China and South Korean stocks were little changed.

“Negotiations are continuing and progress is being made on the text of the phase-one agreement,” White House spokesman Judd Deere said. “We will let you know when we have an announcement on a signing location.”

Reuters reported earlier that the signing might be delayed and likely wouldn’t occur in the US.

Trump administration officials in recent days have expressed optimism that phase one of a comprehensive trade deal might come together this month, helping boost equity markets to records this week.

“I think we’re in good shape, we’re making good progress, and there’s no natural reason why it couldn’t be” signed this month, U.S. Commerce Secretary Wilbur Ross told Bloomberg Television in an interview Sunday in Bangkok. “But whether it will slip a little bit, who knows, it’s always possible.”

Trump-Xi trade summit may be pushed back to December

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

EQT Impact Challenge offers platform for impact entrepreneurs to attain 'patient capital'

ISDN posts 11.3% lower revenue, 43.8% lower net profit for 1HFY2023

Why it’s worth taking a closer look at Keppel REIT’s portfolio

New commodity opportunities arise as peak in fossil fuels looms

Trump-Xi trade summit may be pushed back to December

Related News

Highlights

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

Related News

City and Kingdom: America and China in Asia

Xi's China markets lifeline raises hope this time rally can hold

China enlists Kissinger to translate as US talks hit brick wall