People in China want to reach a trade deal with the US: Bob Hormats
China has announced it will continue to suspend additional tariffs on American vehicles and auto parts.
The goodwill gesture by Beijing comes as the Trump administration delays tariff hikes on Chinese imports.
“There are people in China who want to use this process to accomplish reform,” former Undersecretary for Economic Growth Bob Hormats told FOX Business’ “Countdown to the Closing Bell” on Monday. “They want their intellectual property protected, and they will support protecting foreign intellectual property because that means more foreign investment and more trade.”
China’s Vice Premier Liu He heads to Washington D.C. this week to further move trade talks forward.
“I think the Chinese really do see this as a chance to deal, not give the U.S. everything it wants but make progress internally,” Hormats said.
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While the U.S. and China have made progress resolving its trade dispute, Hormats cautions not to expect a quick trade deal between the world's two largest economies
“This is far more complicated than any trade negotiation we have had with any country in the last 70 years because it involves not just tariffs, but actual investment related issues,” he said.