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            april 20, 2019

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US, China 'miles and miles' from trade deal


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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