"I want to get the deal done first, but we're thinking about Iowa," Trump said on Friday as quoted by the Hill. "It would be the largest order in history for farmers. So to me, Iowa makes sense. I love Iowa. It's a possibility."
Trump added that his administration is discussing locations and that Chinese President Xi Jinping is willing to meet in the United States.
Trump and Xi were initially going to sign the Phase One agreement during the Asia-Pacific Economic Cooperation (APEC) summit in Chile in mid-November, but the event was cancelled after civil unrest broke out in the country.
Earlier on Friday, the Chinese Commerce Ministry said in a statement that it has reached a consensus with US trade negotiators on core bilateral trade concerns after high-level talks between both countries.
Phase One of the trade negotiations is supposed to resolve issues concerning intellectual property, financial service and US agricultural exports. Trump said China agreed to purchase $40 to $50 billion of US farm goods under the trade deal.
The Phase One agreement could ease the looming US-China trade war, which has prompted economists to say that the trade confrontation may lead to a global recession.