Commerce Secretary Wilbur Ross was interviewed on Fox Business News this morning and stated he felt there were high odds of a Phase One trade deal between the U.S. and China.
“You do not really have a deal on anything until you have a deal on everything, so it is not surprising that at the very last minutes pieces of bouncing around occur,” Ross stated. “But I think the main thing is what the President said at the rally last night: China wants to make a deal. We think we would like to make a deal if it is the right deal. This will get done in all likelihood.”
He also observed that the Phase One deal is “relatively limited in scope” and the debate now is on the level of that limitation. “What is really being debated is how much limitation will there be on the scope of Phase One relative to Phase Two or maybe Phase Three. So, let's see what comes out. The devil is always in the details. And we are down to the last details now.”
Ross was asked if China will stop stealing intellectual property and will President Trump remove the tariffs. Ross replied, “The president has not agreed to move the time so I think he made that pretty clear the other day, but let's just see what comes. I think the important thing is, it looks as though there will be this first giant step toward peace and quiet today with the Chinese, that is the important thing to focus on. We will see the details as they come through, and they are going to be good details or else the President will not go along with this.”
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