US Commerce Secretary Wilbur Ross expressed doubts over the US and China reaching a resolution before the truce period ends on March 1, saying the two sides were “miles” from striking a deal.
“Frankly, that shouldn’t be too surprising,” Ross said in an interview with CNBC. There are still “lots and lots of issues” to be resolved, he added, such as “structural reforms” and a system of “penalties” to be put in place before the dispute can be called off.
“We would like to make a deal but it has to be a deal that will work for both parties,” Ross said. “We’re miles and miles from getting a resolution.”
Ross also mentioned the need to cut back the US’s “intolerably big trade deficit” with China, which last year reached the twelve-year high of $323.3 billion.
“The other problem is the future. That’s the 2025 plan that they have to try to dominate world high tech industries. We have to protect that,” said Ross.