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US, China 'miles and miles' from trade deal: US Commerce Secretary

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

US, China 'miles and miles' from trade deal: US Commerce Secretary

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

27 January 2019 - 19:06

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,' Mr Ross told 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,' he said. 'We're miles and miles from getting a resolution.'



Mr Ross also mentioned the need to cut back America's 'intolerably big trade deficit' with China, which last year reached the 12-year high of US$323.3 billion.



'The other problem is the future. That's the 2025 plan that they have to try to dominate the world's high tech industries. We have to protect that,' he said.


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