It looks like a resolution to the U.S.-China trade war won’t be happening anytime soon, according to Commerce Secretary Wilbur Ross.
“Trade is very complicated. There are lots and lots of issues,” Ross told CNBC on Thursday.
The secretary’s comments caused the Dow Jones Industrial Average and S&P 500 Index to trade lower, before erasing losses.
The United States and China will be meeting in Washington next week.
Chinese Vice Premier Liu He will meet with U.S. Trade Representative Robert Lighthizer form January 30th to the 31st.
Ross and White House economic adviser Larry Kudlow have both made comments expressing the strong need for a deal to be made that works for both countries.
The deadline for a deal to be made is just over five weeks away.
If a deal doesn’t happen, the Trump administration has threatened to raise the tariff rate on $200 billion in Chinese goods to 25 percent from 10 percent.
Skepticisms over a deal has reflected through the IMF which has downgraded its global outlook for the second time in three months.
For the sake of both nations, I hope China makes the right move.