The United States and China will sign Phase One of the bilateral trade deal at another location after the Asia-Pacific Economic Cooperation summit scheduled for next month in Chile was cancelled.
President Trump made the announcement via twitter on Thursday saying, “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 president continued by saying the new location of the upcoming signing will be announced shortly, but did not specify when.
The signing of Phase One will take place between both President Trump and Chinese President Xi Jinping, and was previously scheduled to take place at the economic summit in Chile during the two-day event in November.
President Trump’s remarks come one day after the president of Chile announced the cancellation of the summit in the nation, citing unrest and massive protests across the country.
Since the announcement, the White House has made it clear it still seeks to sign the trade deal in the same timeframe.
This comes just days after President Trump touted ongoing trade talks with China saying Washington and Beijing are “ahead of schedule” on the negotiations.
The president made the remarks while speaking to reporters on Monday saying, “We are looking probably to be ahead of schedule to sign a very big portion of the China deal, we’ll call it Phase One but it’s a very big portion.”
President Trump also clarified Phase One of the trade deal will be beneficial to American farmers and also addresses concerns surrounding the banking sector.
According to the president, the second phase of the trade deal will start quickly after Phase One is signed.
The trade war has been ongoing for over a year now, which has involved both Beijing and Washington imposing retaliatory tariffs on each other’s goods.
It remains unclear if APEC will still commence, yet be hosted elsewhere.