Welles Orr Quoted on Momentum of U.S.-China Trade Deal in Market News International
"MNI POLICY: Ex-USTR Officials See Momentum In China Trade"
Market News International
Welles Orr was quoted regarding the growing momentum for a phase one trade deal following an agreement between the United States and China to reduce tariffs contingent on the deal. "I think the news suggests that they have everything in place for a phase one deal with a phased stage-out of tariffs in maybe a one, two, or three stage process, depending on the commitments made. I am optimistic that this thing is really coming together," said Orr, a former U.S. Trade Representative official under George H.W. Bush and Bill Clinton. Referencing comments from Chinese officials about canceling scheduled December 15 tariffs on $156 billion worth of Chinese imports, including cell phones, toys, and laptops, "The tariffs I think will come off," he added, suggesting a phase one deal may also include a provision for additional talks in the future. "I think the administration must have a win in the trade front and this would be meaningful, and it would continue to help the markets, especially as the USMCA [United States-Mexico-Canada Agreement] seems to be slipping possibly into 2020."