NewsBreak: Quality of China Trade Deal More Important Than Timing – Ross

© Reuters. — 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.

at 3,122.88, down 0.4%

at $1.1076, up 0.1%

yield 1.80%, down 2 basis points.

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