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U.S. Puts China Trade Sanctions on Hold
The U.S. has suspended plans to impose as much as $150 billion in tariffs on Chinese goods in exchange for China’s pledge to “significantly increase” its purchase of American goods and services.
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The U.S. has suspended plans to impose as much as $150 billion in tariffs on Chinese goods in exchange for China’s pledge to “significantly increase” its purchase of American goods and services.
“We are putting the trade war on hold,” U.S. Treasury Secretary Steven Mnuchin declared yesterday on the television program “Fox News Sunday.”
China rejected the Trump administration’s demand that it more than double its annual imports from the U.S., which totaled $130 billion last year. Nor did China commit to a specific target or indicate a timetable for reaching one. Last year the U.S. reported a record $375 billion trade deficit with China.
Mnuchin predicts China will boost its imports of U.S. farm produce at least 35% this year and double its purchase of energy products in 3-5 years.
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