Treasury Secretary Steve Mnuchin said Sunday that the U.S. and China -- the world’s two biggest economies -- have reached a tentative deal to cut trade deficits that includes the U.S. putting China tariffs on hold, an agreement that potentially averts an economic standoff that would have global impact. “We have made very meaningful progress, and we agreed on a framework,” Mnuchin told “Fox News Sunday” after weekend talks in Washington with Chinese officials about cutting the U.S. trade deficit with China, which last year reached $337 billion. On Saturday, the White House said, in what it called a joint statement, that the U.S. and China had agreed to take steps to reduce the deficit. The statement essentially highlighted the same points Mnuchin mentioned Sunday and that next steps include the U.S. sending a team to China to work out the details. After the White House announcement, Senate Minority Leader Chuck Schumer suggested the agreement falls short on protecting America’s intellectual property.

Source: Fox News May 20, 2018 16:30 UTC