China has agreed substantially boost its purchase of American good and services, the two countries announced Saturday.
In response, Treasury Secretary Steven Mnuchin said the U.S. would hold off on imposing additional tariffs while negotiators try to craft a final agreement.
Mnuchin’s announcement did not specifically mention the tariffs the White House enacted on steel and aluminum in March. Imports of steel carry a 25 percent tax; a 10 percent levy is assigned to aluminum. A number of countries, including Canada, Mexico, Australia, South Korea and the European Union are currently exempt, although some exemptions are due to expire at the end of this month.
China has reacted by assigning tariffs to a variety of U.S.-made products including HVAC. In retaliation, U.S. officials said it would slap additional tariffs on billions of dollars in Chinese goods. That move now appears on hold, according to Mnuchin.