The world's two biggest economies are pulling back from the brink of a trade war after making progress in talks aimed at bringing down America's massive trade deficit with China. "We are putting the trade war on hold," U.S. Treasury Secretary Steven Mnuchin said on "Fox News Sunday." After high-level talks Thursday and Friday, Beijing agreed in a joint statement with the U.S. to "substantially reduce" America's trade deficit with China — but didn't commit to cut the gap by any specific amount. Last year, the U.S. racked up a record $376 billion deficit with China in the trade of goods, largest by far with any nation. He views the U.S. trade deficit with China as evidence that Beijing is engaged in abusive trading practices and has outmaneuvered previous U.S. administrations.

Source: ABC News May 20, 2018 04:16 UTC