WASHINGTON ¨C The newly declared economic truce between the U.S. and China will prove temporary if the world¡¯s two largest economies fail to deliver on vague commitments to rebalance trade.
¡°We¡¯re putting the trade war on hold,¡± said Treasury Secretary Steven Mnuchin on Sunday. ¡°Right now, we have agreed to put the tariffs on hold while we execute the framework.¡±
U.S. President Donald Trump had threatened to slap tariffs on up to $150 billion in Chinese imports, while Beijing vowed to respond in kind. For now, Mnuchin¡¯s cease-fire declaration will soothe the nerves of investors worried that the world¡¯s two biggest economies were on the verge of an all-out trade conflict.
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