With both the U.S. and China avoiding any severe economic downturn so far, there's little incentive for the two countries to strike a trade deal quickly, according to UBS Global Wealth Management.

High-level trade negotiations between the world's two largest economies broke down after President Donald Trump turned up the rhetoric against China earlier this month. Beijing said last week that further talks can't proceed unless Washington adjusts its "wrong actions" — but Trump still predicted that a deal could be reached "fast."

At a media conference on Monday during his state visit to Japan, Trump said the U.S. is "not ready" to sign a deal with China but the two countries will have a "great trade deal" some time in the future.

Tan Min Lan, Asia-Pacific head of chief investment office at UBS Global Wealth Management, predicted that any deal between the U.S. and China will likely only come "just before 2020."

"It's quite clear that trade tensions have re-escalated and at this point in time, there isn't enough pain on either side for a deal to be imminent," Tan told CNBC's "Street Signs" on Monday. "If you look at United States, actually the economy is quite strong ... On the China side, we know that it is able to at least stabilize the economy."