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.
China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal, after APEC in Chile was canceled do to unrelated circumstances. The new location will be announced soon. President Xi and President Trump will do signing!— Donald J. Trump (@realDonaldTrump) October 31, 2019
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.