The United States and China are reportedly inching closer to a trade deal after Treasury Secretary Steven Mnuchin indicated that the two countries were working on details of the deal in a 150-page document.
In a First on FOX Business interview, former Undersecretary for Economic Growth Bob Hormats told Liz Claman that he is optimistic over a trade agreement thanks to recent headlines out of the Trump administration from National Economic Council Director Larry Kudlow and White House Council of Economic Advisers Chairman Kevin Hassett.
Hassett, who claimed to see the 150-page document being worked out between the two countries, said that there has been "enormous progress" in the negotiations.
According to Hormats, the trade deal must be a compromise that benefits both countries.
He also added President Trump has been flexible by extending the March 1st tariff deadline that would have hiked tariffs by 15 percent on Chinese imports.
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There is hope both parties will meet again sometime this month, with the goal of finalizing a deal.
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