NOT GOING TO HAPPEN: Wilbur Ross Says U.S.-China Trade Deal Won't Happen at at G-20 Meeting

Wilbur Ross

The trade haters appear to be in control in the Trump administration.

The odds of the Trump administration implementing new tariffs on China early in July seem to be quite high.

President Trump has ordered plans be drawn up to impose tariffs of as much as 25% on the rest of the $300 billion in imports of Chinese goods not yet hit with levies.

Commerce Secretary Wilbur Ross played down prospects of a major trade deal if President Trump and China’s President Xi Jinping meet at the Group of 20 summit in Osaka, Japan later this month, reports The Wall Street Journal.

“I think the most that will come out of the G-20 might be an agreement to actively resume talks,” Ross said in a phone interview with the Journal on Sunday. “At the presidential level they’re not going to talk about the details of how do you enforce a trade agreement.”

“The most that might come is new ground rules for discussion and some sort of schedule for when detailed technical talks might resume,” said Ross.

Seven days of hearings will begin Monday in Washington where businesses and others can comment in on the newest proposed tariffs, and businesses will then have an additional week—until July 2—to provide comment. After that, Trump can implement the tariffs if it chooses.

-RW