President Donald Trump intends to sign a partial trade deal with Chinese President Xi Jinping next month, even though a summit where the two leaders planned to meet was canceled, a White House spokesman said Wednesday.
Chilean President Sebastian Pinera said his government had scrapped plans to host the Asia-Pacific Economic Cooperation summit in Santiago, due to security concerns after violent protests against the cost of living in the country’s capital Santiago in recent weeks.
White House spokesman Hogan Gidley said in a statement that Trump is still planning to finalize a phase-one deal during the time the summit was scheduled, Nov. 16-17.
“As of now, it appears APEC will not occur in Chile, and it’s our understanding the organization does not currently have a secondary site prepared. We’re awaiting potential information regarding another location,” Gidley said.
“We look forward to finalizing Phase One of the historic trade deal with China within the same time frame, and when we have an announcement, we’ll let you know,” Gidley added.
As the Wall Street Journal writes, negotiators for both sides are working to craft a detailed version of an agreement in principle that Trump said this month would include large purchases of American agricultural products, rules to deter currency manipulation, some provisions to prevent the theft of intellectual property and other issues.
were trading mixed on Wednesday afternoon, ahead of an expected interest-rate cut by the Federal Reserve.