US Trade Advisor Navarro Says US-China Deal Will Take Time

U.S.-China trade talks may have restarted, but a potential deal is still a long way off, White House trade advisor Peter Navarro told CNBC on Tuesday.

Negotiations between the two economic superpowers over issues including trade deficits, alleged intellectual property theft and forced technology transfers broke down in May. But President Donald Trump and Chinese President Xi Jinping agreed to resume talks — and hold off any new tariffs on each other’s goods — at the Group of 20 summit in Osaka, Japan, over the weekend.

“This is a very complicated process,” Navarro said on CNBC’s “Squawk on the Street” on Tuesday morning.

“We had a deal that was over 150 pages long with seven different chapters” at the time the negotiations flamed out, which is “the basis now for moving further forward,” he said.

Treasury Secretary Steven Mnuchin said last week that the U.S. had been “90% of the way” on China. But Navarro cautioned to CNBC that “this will take time, and we want to get it right.”

“Let’s get it right,” Navarro said.

Navarro had joined the president and a coterie of senior officials at the G-20. Trump said Monday that the renewed talks with Beijing have “already begun. ”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza