Whether there is a so-called phase one deal before Dec 15, when the US is scheduled to impose new tariffs of 15 percent mainly on Chinese consumer goods is not clear, nor is China's response, if that is the case.

Since the dispute began in March last year, the US has imposed tariffs on $550 billion worth of Chinese products, while China has reciprocated with $185 billion worth of tariffs on US goods.

Despite extensive talks between Vice-Premier Liu He, China's chief trade negotiator, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the US' leading negotiators, the progress hoped for has not yet been achieved.

Some argue that without a phase one deal, the US could be tipped into recession next year, a situation any president would want to avoid in an election year.

US billionaire bond fund manager Jeffrey Gundlach believes there is a 75 percent chance of this happening, if nothing is signed.