The United States and China have agreed to drop tariff threats on billions of dollars' worth of each other's goods as they work on a broader trade deal, U.S. Treasury Secretary Steven Mnuchin said Sunday.
""We're putting the trade war on hold. Right now we've agreed to put tariffs on hold while we try to get the framework up and running," Mnuchin said in a television interview on "Fox News Sunday."", referring to measures discussed this week to reduce the US trade deficit with China.
This Saturday (19.5.2918), Beijing and Washington said they would continue to talk about measures under which China is expected to import more energy and agricultural products from the United States to reduce its annual trade deficit of US$335.000 billion.
Beijing and Washington agreed to continue talks on measures under which China would import more energy and agricultural products from the United States to reduce the trade deficit.
"There was consensus on taking effective measures to substantially reduce the U.S. trade deficit in goods with China," the joint statement said.
"To meet the growing consumption needs of Chinese people and the need for high-quality economic development, China will significantly increase its purchases of U.S. goods and services," he added.
Source: Reuters
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