Commerce Secretary Wilbur Ross downplayed expectations for an end to U.S.-China trade war when both sides meet in Washington next week, saying the world’s two largest economies are a long way from resolving their differences.
“We’re miles and miles from getting a resolution,” he said in an interview on CNBC on Thursday. “Trade is very complicated. There are lots and lots of issues.”
U.S. stock futures erased gains after his remarks.
Chinese Vice Premier Liu He is scheduled to meet next week in Washington with U.S. Trade Representative Robert Lighthizer.
“People shouldn’t think that the events of next week are going to be the solution to all of the issues between the United States and China. It’s too complicated a topic,” Ross said. “I believe that China would like to make a deal. I believe that we would like to make a deal. But it has to be a deal that works for both parties.”
Ross added that he sees a “fair chance we do get to a deal” eventually.
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