Former US Secretary of Commerce Wilbur Ross described the recently announced US-China trade deal as modest and lacking comprehensiveness. While President Trump declared the deal 'done,' Ross emphasized that it mainly focuses on export controls and does not adequately address crucial issues like intellectual property. Concerns were raised about the deal needing approval from Chinese President Xi, highlighting potential uncertainties in its implementation. Ross underscored the importance of achieving significant deals by July to positively influence the stock and bond markets, indicating economic motivations behind trade negotiations.
"It looks as though they made a fairly modest deal, mostly focusing on export controls on both the US side and the China side. So it's far from a comprehensive deal."
"It seems more or less to be reiterating the deal they thought they had set a few weeks ago."
"The Chinese side has been very careful to say it still needs to be approved by President Xi."
"Full magnets, and any necessary rare earths, will be supplied, up front, by China."
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