The US and China may be nearing a trade deal. That won't stop the global economic slowdown

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There has also been a lack of progress in addressing several “core, critical thorny issues” between the U.S. and China, said Pushan Dutt, an economics and political science professor at business school INSEAD. That means global uncertainties brought about by tensions between the U.S. and China may drag on longer, he said.

“In the short term, we will basically have the Chinese agreeing to buy some more products, some more soybeans, some more natural energy. The U.S. hopefully will scale back some of the protection measures,” Dutt told CNBC’s “Capital Connection” on Monday.

“At the same time, we have to keep in mind that the really core, critical thorny issues — which is to do with IP (intellectual property rights) protection, technology transfers, subsidies for the Chinese technological champions — those have not been addressed. So, the best we can hope for is that they will continue to talk about these into the future,” he added.

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