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U.S.-China trade tariffs on hold

U.S. Treasury Secretary Steven Mnuchin confirms the U.S. and China have agreed to put proposed tariffs on hold.

Beijing and Washington officials issued a statement Saturday saying China will significantly increase purchases of U.S. goods and services, including more U.S. energy and agricultural commodities to help close a 335-billion dollar annual trade deficit.

Mnuchin said on Fox News Sunday there is no deal yet, but there are specific industry targets.

President Trump had threatened to place tariffs on up to $150 billion in Chinese imports after China added tariffs, which led to a threat of additional Chinese tariffs.