US, China far away from reaching trade deal: US commerce chief

US Commerce Secretary Wilbur Ross says the United States and China are still far away from resolving their trade dispute but there is a chance the two countries may reach an agreement.

In an interview with CNBC on Thursday, Ross tried to lower expectations for a trade deal between the US and China during high-level talks next week in Washington.

“There is a very large group coming. There’s been a lot of anticipatory work done but we’re miles and miles from getting a resolution and frankly that shouldn’t be too surprising,” Ross said.

“Trade is very complicated, there’s lots and lots of issues - not just how many soybeans and how much LNG.”

The US commerce secretary said Washington believes Beijing must carry out structural reforms in the Chinese economy and there should be a mechanism involving enforcement and verification of whatever is agreed to.

Ross said the two sides were unlikely to resolve all their disputes in next week’s talks. Chinese Vice Premier Liu He will hold in-depth discussions on economic and trade issues during his visit to Washington next Wednesday and Thursday.

PressTV-US demands regular review of China trade reform: Report

The United States is demanding regular reviews of China’s progress on pledged trade reforms as a condition for a trade agreement.

US President Donald Trump has vowed to increase tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports on March 2 unless China takes steps to protect US intellectual property and eliminate the US-China trade imbalance.

Trump also wants China to end policies that force US companies to turn over technology to a Chinese partner, allow more market access for American businesses, and reduce other non-tariff barriers to US-made products.

China has retaliated by imposing tariffs on $110 billion of US goods.

China has repeatedly rejected complaints about intellectual property abuses, and has dismissed accusations that foreign companies face forced technology transfers.

US officials say Chinese plans for state-led development in industries like robotics and other technologies have led to a massive trade surplus with the US and the loss of millions of manufacturing jobs and is eroding US economic and technological leadership.

Many observers say the US tariffs imposed on Chinese-made products are more than just trade friction between the two countries and are a disguise for high-tech hegemony and economic supremacy.

Trade talks between the United States and China are not simply about trade, but a "new world order," Hendrik du Toit, the chief executive of Investec, a major asset management firm, told CNBC on Wednesday.

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