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 Mike Blake/ReutersTreasury Secretary Steven Mnuchin announced on Sunday that the United States was temporarily halting its planned tariffs on Chinese imports while the two nations continue to negotiate.
"We're putting the trade war on hold," Mnuchin said on Fox News Sunday, adding that the U.S. and China agreed to a framework whereby China would buy more goods from the U.S. in order to make up for the trade deficit between the two countries.
The announcement came after top Chinese officials visited Washington last week for negotiations on the Trump administration's trade policies. The president had previously revealed plans to impose tariffs on $150 billion on Chinese imports, a move that angered conservatives economists and members of his own party on Capitol Hill. China responded at the time by threatening tariffs on American goods, which could have sparked an all-out trade war.
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