Commerce Secretary Wilbur Ross opened the door to reviving negotiations with the EU but warned the bloc it would be in competition with China and Japan to show willingness to do the first deal with the Trump administration, the Financial Times reports.

In an interview with the Times, Ross called the need to reduce the U.S.'s $146 billion transatlantic trade deficit in goods one of his priorities. That deficit is second only to the U.S.'s $347 billion deficit with China.

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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