US Treasury Secretary Steven Mnuchin confirmed today that Washington and Beijing had agreed to back off from imposing tariffs on each other, a day after reaching an accord on slashing the American trade deficit with China.
"We have made very meaningful progress and we agreed on a framework," Mnuchin told Fox News Sunday. "So right now we have agreed to put the tariffs on hold while we try to execute the framework."
China's Vice Premier Liu He, who led a high-level Chinese delegation to the United States this week, earlier announced that both sides had agreed to back off from threatened tariffs.
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