7. US to put China tariffs on hold
US Treasury Secretary Steven Mnuchin says the United States will put on hold tariffs on imports from China while the country tries to substantially cut its trade deficit with the US.
Mnuchin told a Fox News program on Sunday that the US and China agreed on the arrangement during trade talks in Washington on Thursday and Friday. He was among top economic officials from the 2 nations who attended the negotiations.
Both sides agreed on meaningful increases in US agricultural and energy exports to China.
Mnuchin added that Commerce Secretary Wilbur Ross will soon visit China to work out concrete measures to boost US farm exports to China.
China's state-run Xinhua News Agency says Chinese Vice Premier Liu He said the most remarkable fruits of the consultations were that the 2 sides agreed not to launch a trade war and to stop imposing tariffs against each other. Liu led the Chinese delegation to the talks.
But a joint statement issued after the negotiations does not mention any agreement to shelve tariffs, leaving it unclear whether the 2 countries can resolve their trade dispute.
Earlier this year, the administration of US President Donald Trump threatened to impose additional tariffs on a range of imports from China, claiming those tariffs are needed to eliminate Chinese violations of intellectual property rights.
China responded with threats of retaliatory measures.