Commerce Secretary Wilbur Ross reportedly is open to continuing talks on a proposed trade pact with the European Union.
“It’s no mistake that, while we withdrew from TPP” — the Trans-Pacific Partnership trade pact with Pacific Rim nations — “we did not withdraw from TTIP,” Ross told CNBC.
Talks around the proposed Trans-Atlantic Trade and Investment Partnership were put on hold after Trump’s election last year.
“The EU is one of our largest trading partners, and any negotiations legally must be conducted at the EU level and not with individual nations,” Ross said.
“Thus, it makes sense to continue TTIP negotiations and to work towards a solution that increases overall trade while reducing our trade deficit.”
The U.S. trade deficit with the EU in 2016 stood at $146.3 billion, CNBC reported, citing U.S. Census Bureau. That deficit is $32.1 billion so far this year, CNBC reported.
Ross’ comments come less