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US and China put trade war “on hold”

The U.S. and China appear to have reached a breakthrough regarding a potential resolution to the months-long trade negotiations, the Financial Times reports, with the Trump administration pulling back plans to slap $150 billion of tariffs on Chinese goods and China pledging to buy more American imports.

“We’re putting the trade war on hold,” said U.S. Treasury Secretary Steve Mnuchin.

The advances were published in a joint statement from both countries on Saturday in which Beijing promised to “significantly increase” imports of U.S. farm exports and energy products. U.S. Commerce Secretary Wilbur Ross has mentioned specific “industry-by-industry” targets, such as a 30-40% increase in agricultural imports and $50 billion more in U.S. energy exports.

What was not mentioned, however, was the rumored figure of a $200 billion reduction in the US’s bilateral trade deficit with China, which White House officials had previously said the Chinese side had agreed to, but their Chinese counterparts disputed.

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