US Treasury Secretary Steven Mnuchin says the US trade war with China is on hold after the two countries agreed to drop their tariff threats, whilst both countries work on a larger trade agreement.
Both countries have announced they have discussed terms where China would commit to purchasing more energy and agricultural resources from the US to narrow a trade deficit against the US valued at nearly 450 billion dollars.
No trade deal has been formalised, and the proposal comes after both countries announced tariffs would be implemented against each other.