US Commerce Sec. Ross: Phase one China trade deal will be largely about agriculture and trade

The phase-one of the trade deal with China will be largely about agriculture and trade, United States Commerce Secretary Wilbur Ross noted during an interview with Fox Business Network on Tuesday. When asked if the tariff hike on Chinese imports will go into effect on December 15th, "it is more important to get a good deal for the US," Ross further added.

Regarding the United States-Mexico-Canada Agreement (USMCA), "we are within millimetres of a deal on the USMCA trade pact," Ross noted.

The market sentiment improved slightly on these comments and the 10-year US Treasury bond yield pulled away from its daily lows but was still down 0.8% on a daily basis.