US and China pause in trade talks, Commerce secretary tells CNBC

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US Commerce Secretary Wilbur Ross said on Wednesday that trade talks with China apparently came to a brief halt and lowered expectations that the two countries would make substantive progress toward an agreement at the next G20 meeting . "In any trading there are ups and downs, there are gaps, and there are much more active periods. So it looks like we might be in a kind of hiatus right now, "he said in an interview with CNBC.
The Group of 20 industrialized nations will hold a summit in Argentina next month, and there has been speculation that US President Donald Trump and Chinese President Xi Jinping could meet on current trade issues. US Treasury Secretary Steven Mnuchin said there was no decision made on a meeting.
"G20 leaders' meetings never reach a great deal of detail. These are meetings designed to be broad political statements, "Ross told CNBC. He added that leaders often speak in parallel meetings to the summit sessions. "Usually, they have an hour or less in duration and you can not make a trade deal of thousands and pages in an hour," he said.

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