BEIJING, China (3rd UPDATE) – US Treasury Secretary Steven Mnuchin confirmed Sunday, May 20, that Washington and Beijing have 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 delegation to the United States this week, meantime confirmed that "the two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other," official Chinese news agency Xinhua reported.
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