Donald Trump’s top trade official has opened the door to reviving trade negotiations with the EU but warned the bloc it will be in competition with China and Japan to show willingness to do the first deal with the new US administration.

Wilbur Ross, US commerce secretary, said the need to cut the US’s $146bn transatlantic trade deficit in goods was one of his priorities. The deficit is second only to the $347bn one with China.

The billionaire investor is due to host Cecilia Malmstr?m, EU trade commissioner, in Washington today for their first meeting to discuss how to proceed with talks over a Transatlantic Trade and Investment Partnership (TTIP) launched under the Obama administration. Those talks started in 2013 but stalled last year amid intense political opposition in the EU and last June’s vote by the UK to leave the bloc.