(AFP photo)WASHINGTON: The United States and China are pulling back from the brink of a trade war after the world's two biggest economies reported progress in talks aimed at bringing down America's massive trade deficit with Beijing. "We are putting the trade war on hold," Treasury Secretary Steven Mnuchin said Sunday. China had promised to retaliate in a move that threatened a tit for tat trade war. Last year, the US had a record $376 billion deficit with China in the trade of goods; that was the largest by far with any nation. He views the US trade deficit with China as evidence that Beijing is engaged in abusive trading practices and has out-manoeuvred previous US administrations.

Source: Bangkok Post May 20, 2018 21:00 UTC