The U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
As part of an agreement released by Chinese and American negotiators on Saturday, Mnuchin said “We are putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework,” during an interview with Fox News. There is no firm trade deal yet, however. “Both parties have agreed to suspend the tariffs,” Mr. Mnuchin said Monday in an interview on CNBC.
Mnuchin has not given any details as to the dollar figure involved or the markets included. “We have very specific targets; I’m not going to disclose what they are,” Mr. Mnuchin said. “They go industry by industry.”