>> Treasury Secretary, Steve Mnuchin, says the United States and China have agreed to drop tariff threats on billions of dollars of each others' goods while the two economic superpowers work to hammer out a trade deal. Mnuchin told Fox News on Sunday quote 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. Mnuchin's comments come a day after the two countries wrapped up high stakes talks in Washington aimed at reducing the US's $335 billion trade deficit with China. In a joint statement on Saturday, the countries' reps said there was a consensus on taking effective measures to substantially reduce the United States' trade deficit in goods with China.
Lindsay Dunsmeer is following the story.>> We weren't quite sure at that point whether the threats that each country had made against each other to do with tariffs, would be delayed or put on hold, or scrapped. That is essentially what he has said, that they have been placed on hold whilst they continue discussions.
>> And we're not playing games any longer, folks.>> This was one of President Donald Trump's biggest campaign promises. He made a habit out of slamming previous administrations for allowing the deficit with China to grow. But there are concerns among some lawmakers that Trump could give priority to a narrower trade deficit over tackling what they say is China's abuse of intellectual property rights.
Commerce Secretary, Wilber Ross, is expected to go to China soon to continue working on an agreement.