Commerce Secretary Wilbur Ross said on Wednesday that U.S.-China trade talks are “not a 10-minute process.”
Continue Reading Below
“This is a long, involved process,” Ross told FOX Business’ Maria Bartiromo during an exclusive interview. “The fundamental process now though, is will they go back to the point where we were before they changed their mind and backtracked on some of the understandings that had been reached.”
Ross’s comments come on the heels of President Trump saying on Tuesday that trade talks still “have a long way to go.” He also threated to impose tariffs on another $325 billion of Chinese goods.
Ross said some of the “big-ticket items” in the talks will include structural reforms, theft of intellectual property, the unlevel playing field in procurement, and subsidies.
He also believes another “real” key to negotiations is enforcement.
“In some ways [there’s an] even bigger issue,” he said, “and that is what is the U.S. enforcement capability in the event that they violate the agreement.”