Commerce's Ross says China tariff hike still set for January

Commerce Secretary Wilbur Ross said Thursday that the U.S. is unlikely to get a formal deal with China in time to hold off on an increase in tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent at the beginning of next year, even if a meeting set for next week between President Trump and Chinese President Xi Jinping goes well.

“It’s going to be big picture, but if it goes well, it’ll set the framework for going forward,” Ross told Bloomberg regarding the leaders’ meeting, which will happen in Argentina as part of the G-20 summit. “We certainly won’t have a full formal deal by January. Impossible.”