It is not surprising that “stories are bouncing around” on the US-China trade deal, but the measure will be reached “in all likelihood,” Commerce Secretary Wilbur Ross said Friday.
“This Phase 1 is relatively limited in its scope, and what’s really being debated is how many limitations will there be on the scope of Phase 1 relative to Phase 2 or maybe Phase 3,” Secretary Ross said in a TV interview. “The devil is always in the details, and we’re down to the last details now.“
Meanwhile, President Trump has not agreed to remove tariffs, but the deal’s 1st phase will be a “giant step toward peace and quiet with the Chinese. That’s the important thing to focus on.“
But the major focus is the focus on current trade, said Ross, noting that President Trump was talking about the Chinese buying $40 to 50-B in agriculture, which “they can certainly afford..“
“The Question is, are they willing to commit to it, and if they are willing to commit, are there any escape patches to the commitment?” said Secretary Ross.
Last month, the 2 sides said they hoped to sign P-1 of the deal during the Asia-Pacific Economic Cooperation summit in Santiago, Chile, but the event was canceled due to unrest in the country. That “eliminated a very important deadline” and while taking off some deadline pressure.
Mr. Ross commented on Attorney General William Barr’s contention that Huawei and ZTE are threats to national security.
“We have put them in the penalty box,” said Mr. Ross. “These are dangerous situations, as g is going to be running everything. It is the Internet of Things. If somebody can do evil in the context of 5G, they can do real evil to the whole country. We can’t afford to let that happen. “