CNBC reports, citing a senior executive at the US Chamber of Commerce

US China

The report says that some of the enthusiasm surrounding the deal has dissipated since Chinese vice premier Liu He's visit to Washington last month.

Adding that there is a bout of uncertainty if a deal is going to be done by 15 December - when the next round of additional tariffs are set to take effect, citing the US Chamber of Commerce's executive vice president, Myron Brilliant.

"We're going to have just a few weeks now and I'm not sure we're going to get a deal done by Dec. 15. I hope so, I want to continue to emphasize there is an opportunity here between now and then, but we need more than Dec. 15 suspended."

I think markets have already resigned to the fact that this is the likely scenario to play out unless both sides can come together for another face-to-face meeting. I reckon the more pressing issue will be can a deal even be struck at all at this stage.

The full report can be found here.