MNA Business Desk: US treasury secretary Steven Mnuchin has said the US was temporarily suspending tariffs on Chinese products after an agreement was reached to reduce the bilateral trade deficit.
“We are putting the trade war on hold,” Mnuchin said on Sunday in a “Fox News Sunday” television interview. “Right now, we have agreed to put the tariffs on hold while we try to execute the framework.”
In recent weeks, president Donald Trump had threatened to slap tariffs on as much as $150 billion worth of Chinese imports to force changes in China’s trade practices, to which Beijing responded by vowing to retaliate against US exports, reported news agency.
After two days of negotiations in Washington, the US and China on Saturday announced a framework agreement whereby Beijing agreed to “significantly” increase its purchases of US goods and services in an attempt to mitigate the risks of a trade war.