- When it comes to the U.S.'s prospective 'phase-1' trade deal with China, substance is more important than timing, Commerce Secretary Wilbur Ross told Fox News on Tuesday.
His comments come as the clock ticks down to Sunday, when a new round of U.S. import tariffs covering an annual $150 billion worth of Chinese goods is scheduled to come into effect. Equity markets around the world fell on Monday and again on Tuesday against a backdrop of silence from the two countries' governments, which has been taken as a sign that progress on an interim deal has stalled.
Ross was more upbeat on the U.S.-Mexico-Canada deal, which is due to supersede NAFTA. He told Fox that "we are within millimeters of a deal" on USMCA.
S&P 500 Futures at 3,122.88, down 0.4%
EUR/USD at $1.1076, up 0.1%
United States 10-Year yield 1.80%, down 2 basis points.
