The first phase of a U.S. trade deal with China may be nearing an end, according to comments made by two administration officials.
Commerce Secretary Wilbur Ross said said in an interview Friday morning that a U.S.-China trade deal will happen "in all likelihood," although he told Fox Business host Maria Bartiromo, "the devil is always in the details."
His remarks echoed comments made by White House economic advisor Larry Kudlow late Thursday, who told reporters that a deal is "coming down to the short strokes." He also said the U.S. is "in communication with [China] every single day."
An agreement between the nations may have as many as three phases, though the first focuses on "current trade," Ross said.
"Phase one is relatively limited in its scope and what's really being debated is how much limitation will there be on the scope of phase one relative to phase two and, maybe phase three," he said.
President Trump has yet to publicly show approval. Six months ago, China and the U.S. appeared to be close to a deal, but both parties ultimately backed away.
"You don't really have a deal on anything, until you have a deal on everything." Ross said. He added it's "not surprising" that details of the deal have yet to be firmed up.
Among the details holding up a deal are a demand China promise to stop stealing U.S. intellectual property and lay out how it will buy as much as $50 billion in agricultural imports. Ross said the agricultural commitment remains a topic of conversation, including "how firm is that commitment going to be and what happens if they don't live up to it."
Kudlow told the audience at a Council on Foreign Relations event Thursday that the two sides are "getting close" and have been having "very constructive" talks.
Kudlow said at the event that Trump and Chinese President Xi Jinping may sign a deal without meeting in person again.
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Chris Ruder, Spikeball Founder and CEO, explains how he and his friends put roundnet on the global map, plus, how Spikeball helps people "find their circle."
J.W. Roth, CEO of Venu Holding Corporation, discusses the company's IPO and plans to redefine live music entertainment with their fan founded, fan-owned model.
Variety's Clayton Davis discusses why more than just the 1% are struggling after the LA fires. Plus, how awards shows will pivot to help victims. Watch!
Emily Hosie, CEO of Rebelstork, explains the concept of Returns Recommerce, plus how her company raised $18M to address the industry-wide issue of returns.
