May 21, 2018
NASHVILLE, Tenn (RFD-TV) The U.S. and China have reached a trade truce. Both nations agree not to impose previously threatened tariffs. China also pledges to buy more U.S. goods and reduce its trade surplus, although it’s unclear just how much the increase will be.
The announcement comes following weeks of tariff threats from both countries. China also agreed to address U.S. concerns about protection of intellectual property.
Treasury Secretary Steven Mnuchin told “Fox News Sunday” that the two countries have made meaningful progress. “The President has been very clear since the first meeting with President Xi in Maralago that we are going to reduce the trade deficit,” Mnuchin said. “We have an agreement with China that they will substantially agree to it.”
The United States intends to send a team to China to hammer out the details of the new agreement. The announcement comes after China decided to end an anti-dumping probe into U.S. sorghum imports.
Watch the above video for further details in this latest development.