US Commerce Secretary: "We're in a better place on trade deal with China as talks have resumed"

US Commerce Secretary: "We're in a better place on trade deal with China as talks have resumed"
  • Clock-gray 16:46
  • calendar-gray 21 October 2019

According to US Commerce Secretary Wilbur Ross, the US is not limited to a specific date to sign the first phase of a trade pact with China and it is crucially important to ultimately work out the right deal, APA reports citing Sputnik.

The investor and commerce secretary went on to note "they are in a better place on US-China trade deal" thanks to resumed talks.

"It has to be the right deal, and it doesn't have to be in November," Ross told Fox Business Network in a television interview, adding resolutely: "It's more critical that it be a proper deal that exactly when it occurs."
The world's two biggest economies reached a limited deal last week seeking to end the trade war that has hugely impacted global markets, as the two has been exchanging a whole number of tariff exchanges vis-a-vis the countries' locally produced goods adn their exports.

Both sides are currently working toward a written agreement. Chinese Vice Premier Liu He, the chief negotiator in the contonuing trade talks, told a virtual reality conference in Nanchang, the key financial and cultural hub in Jiangxi province, that China and the US arrived at “substantial progress in many fields, laying an important foundation for the signing of a phased agreement.” 

Per the International Monetary Fund's estimates, a tentative trade deal reached by Washington and Beijing last week could reduce the harm done by tit-for-tat tariffs over the past 15 months, limiting the damage for the global growth to 0.6%.

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