WASHINGTON (AP) — The trade war between China and the United States is being put on hold. The economic truce came Sunday after a few days of talks aimed at bringing down America’s massive trade deficit with Beijing.
Treasury Secretary Steven Mnuchin declared the “hold” on Sunday even though China isn’t specifying just how much it will reduce America’s trade deficit, only that it would be substantial. The Trump administration had sought a deficit reduction of $200 billion.
Mnuchin told “Fox News Sunday” that the U.S. and China had made “meaningful progress” and that the administration had agreed to put off proposed tariffs on up to $150 billion in Chinese products. China had promised to retaliate.
Mnuchin forecast a 35 to 45 percent increase this year in U.S. farm sales to China.