It was just over the weekend that U.S. Treasury Secretary Steven Mnuchin said the brewing trade war with China was quote "on hold."
This,… after the two sides set up a framework for addressing trade imbalances in the future.
For more on what this means,… and its impact, we have our Kim Hye-sung in studio.
Hye-sung, give us a rundown of what was agreed between the world's two economic superpowers.
Yes, after months of tensions, the United States and China have agreed to take measures to "substantially reduce" America's massive trade deficit with China.
The two countries also agreed on "meaningful increases" of U.S. agriculture and energy exports and greater efforts to increase trade in manufactured goods and services.
In the joint statement released on Saturday after two days of talks in Washington, led by U.S Treasury Secretary, Steven Mnuchin and China’s state council vice-premier and President Xi Jinping's special envoy Liu He.... both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition, with Beijing saying it would make structural changes to its economy.
Mnuchin said in an interview with Fox News on Sunday, that quote "We are putting the trade war ON Hold. We have agreed to put the tariffs on hold while we try to execute the framework."
This echoes remarks by China Vice Premier Liu He, who said the two sides have pledged not to engage in a trade war, and called the joint statement a good example of a win-win outcome.
Take a listen.
"This round of talks is pragmatic, fruitful and efficient. We've reached many agreements. These meetings will not just help bilateral economic and trade relations and build overall ties, it's good for the people in both countries. It's also sending a positive signal to the whole world."
