"Substantial" progress was made in the most recent talks between China and the U.S. During the meeting with the Chinese delegation in the Oval Office, U.S. President Donald Trump said they've reached a "phase one deal," indicating he could sign a deal with Chinese President Xi Jinping at an upcoming November summit in Chile. William Zarit, chairman emeritus of the American Chamber of Commerce in China, said the world's two largest economies should mediate their differences.