Trump Talks Up China Deal and Commerce Secretary Says 'Miles and Miles' From Agreement

President Donald Trump told reporters in Washington Jan. 23 that "I like where we are right now" in terms of leverage with China in the trade war. "We're doing very well in our negotiation with China." The next day, Commerce Secretary Wilbur Ross said on CNBC that while about 30 Chinese negotiators will come to Washington Jan. 29-30, "we’re miles and miles from getting a resolution, and frankly that shouldn’t be too surprising. Trade is very complicated, there’s lots and lots of issues -- not just how many soybeans and how much LNG." He went on to say that "structural reforms that we really think are needed in the Chinese economy" must be addressed. "And then even more important than that, enforcement mechanisms and penalties for failure to adhere to whatever we agree to."

When asked by journalists if he is trying to lower expectations compared to what Trump has been saying, he said no. "I believe that China would like to make a deal. I believe that we would like to make a deal. But it has to be a deal that works for both parties. And all I’m trying to do is to say: People shouldn't think that the events of next week are going to be the solution to all of the issues between the United States and China. ... It’s not a realistic expectation. That’s different from saying that we won’t get to a deal. I think there’s a fair chance we do get to a deal."