Mnuchin says US-China putting trade war on hold
WASHINGTON - Treasury Secretary Steven Mnuchin says the United States and China are "putting the trade war on hold" after two days of talks that he says produced meaningful progress.
Despite not getting China to agree to trim its overall trade surplus with America by a specific amount, Mnuchin said the U.S. team did get a number of commitments on a framework for reducing the deficit over time, including a doubling of purchases of U.S. energy products.
Because of this progress, Mnuchin tells "Fox News Sunday" that the Trump administration has agreed to put on hold punitive tariffs on up to $150 billion in Chinese products. China had promised to retaliate in a move that threatened a trade war between the world's two biggest economies.