Chile’s cancellation of the November APEC summit shouldn’t change the outlook for trade talks with China. Planned for November 16 and 17, Chile canceled the Asia-Pacific Economic Cooperation summit to focus on restoring law and order in the country, according to Reuters. President Donald Trump and Chinse President Xi Jinping were set to sign a so-called phase one agreement along the sidelines of the event.
President Trump said Thursday China and the U.S. were working on selecting a new site for signing the agreement, and the new location would be announced soon. A Chinese Foreign Affairs Ministry spokesperson downplayed any concern, adding the U.S. and China remain in constant communication in working towards signing the agreement.
Trump says the phase one agreement includes roughly 60 percent of the total deal sought by the United States. The agreement also covers $40-50 billion of U.S. agricultural exports to China over the next two years.