New hurdle on Sino-US trade deal as Chile cancels APEC summit amid protests


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New hurdle on Sino-US trade deal as Chile cancels APEC summit amid protests

In the wake a withering backdrop of a slowing global economy, leaders of the United States and China had met with a new hurdle to put an end to their 16-month-long acrimonious trade spat on Wednesday, the 30th of October 2019, as the government of Chile had postponed an APEC summit due to be held on November 16th-17th over month-long violent protests where Chinese President Xi Jinping alongside his US counterpart Donald Trump was scheduled to meet to rubberstamp a partial trade agreement.

Earlier this week, the US President Donald Trump told that he was hoping to seal an interim trade pact with China as early as mid-November over the sidelines of Chile APEC summit, nonetheless, efforts of leading negotiators of the United States and China to a ceasefire of a gruelling trade war that had toiled trillions out of global economy and contributed to a sharp slowdown appeared to be jeopardized following Chilean official Wednesday’s (October 30th) postponement of APEC summit as the Chilean government official had been quoted saying that they had suspended the summit in order to focus more on to restoring law and order in the South American country, which has also been a founding member of the Pacific Ream trade pact or APEC.

As negotiators of US and China had been racing to finalize a “Phase One” trade accord, the White House said in a statement late on Wednesday (October 30th) following cancellation of the APEC summit, “We look forward to finalizing Phase One of the historic trade deal with China within the same time frame. ”