May 20, 2018

The United States and China are pulling back from the brink of a trade war after the world's two biggest economies reported progress in talks aimed at bringing down America's massive trade deficit with Beijing.

"We are putting the trade war on hold," Treasury Secretary Steven Mnuchin said Sunday.

After high-level talks Thursday and Friday in Washington, Beijing agreed in a joint statement with the U.S. to "substantially reduce" America's trade deficit with China, but did not commit to cut the gap by any specific amount. The Trump administration had sought to slash the deficit by $200 billion.

Read more:

https://abcnews.go.com/Technology/wireStory/us-china-putting-trade-war-hold-progress-talks-55310274