U.S. Commerce Secretary Wilbur Ross says the trade dispute with China is a lot like 'going on a diet',... but he's still optimistic that the U.S. can cope.
Another round of U.S. tariffs is about to take effect, but the two sides are reportedly looking to restart talks and defuse the conflict.
Lee Seung-jae has the details.
U.S. Commerce Secretary Wilbur Ross says the U.S. can deal with the pain of a trade dispute with China because of the strength of the American economy.
Speaking at an event in Washington hosted by the U.S. Chamber of Commerce on Monday,... Ross says it makes more sense to take an "aggressive stance" toward China when the U.S. economy is doing well,... citing an unemployment rate that's hovering around its lowest level since 2000.
The commerce secretary also compared the current trade dispute to the start of a 'diet',... saying that "it's no fun in the beginning, maybe a little bit painful, but at the end of the day you're kind of happy with the end result."
His comments are the latest sign that the Trump administration doesn't intend to back down from the trade dispute with China,... which experts warn,... could undercut growth in the world's two largest economies.
However, according to sources,... the two countries are trying to restart talks aimed at avoiding a full-blown trade war.
They say that U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private talks,... as they look for ways to re-engage in negotiations.
They also cautioned that a specific timetable, the issues to be discussed and the format for talks aren't finalized,... but added there was agreement among the principals that more discussions need to be in place.
The next wave of U.S. tariffs is set to begin on Wednesday,... with a possibility of another 16-billion dollars of Chinese imports being slapped with tariffs.
However, the implementation of the tariffs could be delayed for weeks,... as the administration works out the details of which products it will target.
Lee Seung-jae, Arirang News.