The Trump Administration has reached a breakthrough framework agreement with China on trade issues, putting tariffs for Chinese goods on hold while officials work out the details, Treasury secretary Steven Mnuchin said Sunday. Speaking on Fox News Sunday, Mnuchin said the deal involved “a very big increase” in Chinese purchases of U.S. farm products and a doubling of energy sales to Beijing totally approximately $50 billion a year. the deal would be a significant foreign policy victory for Trump and his hard line approach to dealing with trading partners. He said the two sides had agreed to a long list industry by industry with specified increases in Chinese purchases. The U.S. had a trade deficit with China of $375 billion in 2017.

Source: Forbes May 20, 2018 20:37 UTC