The US-China trade war is “on hold” after the world’s two largest economies agreed to stop threatening new tariffs ahead of further negotiations on a wider trade deal.
“We are putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework,” US Treasury Secretary Steven Mnuchin told ‘Fox News Sunday.’
China and the US had threatened tariffs that would cost each of them billions of dollars, sparking fears of a full-scale trade war. On Saturday, China agreed to take measures to boost imports from the US to reduce its trade deficit. In earlier talks, Washington demanded that China reduce its trade surplus by $200 billion. No further details were given following the latest round of negotiations.
According to a joint statement, both sides agreed on meaningful increases in US agriculture and energy exports with the aim of helping to close the $335 billion annual US trade deficit with China...