The United States and China have agreed to end a trade war and stop imposing tariffs on each other, Chinese and US official says.
The agreement came on Sunday after high-level talks between delegations led by US Treasury Secretary Steven Mnuchin and China’s State Council Vice Premier Liu He ended in Washington.
“The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” China’s official Xinhua news agency quoted Liu as saying.
Liu called the agreement a “necessity,” but added, “At the same time, it must be realized that unfreezing the ice cannot be done in a day; solving the structural problems of the economic and trade relations between the two countries will take time.”
The details of the new agreement were scarce.
The White House announced that the delegations had issued a joint statement at the conclusion of the intensive trade talks in Washington, vowing not to…