Sunday, 20 May 2018

US and China trade war put 'on hold' after progress made in negotiations

The US has pulled back from starting a trade war with China that could have sent shockwaves through the global economy.
It has agreed to put proposed tariffs on Chinese imports "on hold" after treasury secretary Steven Mnuchin said negotiations with the Chinese had progressed.
It means any moves by Washington and Beijing to impose tariffs on each other's exports has been stalled.

Mr Mnuchin said that despite not getting China to reduce its overall trade surplus with America by a specified amount, US officials had thrashed out a number of commitments on a framework for reducing the deficit over time.

These include large increases in purchases of farm products and a doubling of purchases of US energy products.

Mr 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."

SKY     News.

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