Mnuchin: U.S. puts China trade war ‘on hold’

“We’re putting the trade war on hold,” Steven Mnuchin, the Treasury secretary, said of China.CreditAlex Brandon/Associated Press

The U.S. will hold off on imposing tariffs on Chinese products as talks continue on reducing America’s trade deficit with China, Treasury Secretary Steven Mnuchin said Sunday. “We’re putting the trade war on hold,” Mnuchin said on Fox News Sunday. Mnuchin said the two countries made significant progress in negotiations last week. Beijing committed Saturday to significantly increasing its purchases of U.S. goods and services. U.S. officials said last week that China would increase its purchases by $200 billion, although economists speculate that figure is too high, as it amounts to more than half of the annual trade gap. Mnuchin declined to confirm a specific total.

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