U.S. Commerce Secretary Wilbur Ross.Leah Millis/Reuters
The United States and China still have to work through major issues to reach any trade agreement, including intellectual property theft, structural reforms and subsidies, U.S. Commerce Secretary Wilbur Ross said on Thursday.
“There’s another – in some ways even bigger issue, and that is what is: the U.S. enforcement capability in the event that they violate the agreements,” Ross told Fox Business Network in an interview.
“This is a long, involved process,” he added.
On Tuesday, President Donald Trump said the United States still had a long way to go to conclude a trade deal with China, and said U.S. officials could still impose tariffs on an additional US$325-billion worth of Chinese goods.
The United States could also face Chinese sanctions after a World Trade Organization ruling on Tuesday.
On Wednesday, a gauge of global stocks declined for a second straight session amid the concerns over U.S-China trade. U.S. Treasury yields also fell.