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.

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