[author - Laura Anne Schierhoff]

A trade war between the U.S. and China has been avoided. Both countries have been threatening each other with tariffs for the past couple months, while many economists and experts worry about an impending trade war. However, an agreement has been reached, as progress was made by the two countries in high level talks last week. According to Treasury Secretary Steven Mnuchin, “We are putting the trade war on hold” and the U.S. is not moving forward with proposed tariffs of up to $150 billion in Chinese products. Both countries have agreed to work to substantially reduce America’s trade deficit with China. Specifics on an exact amount was not stated, but the Trump Administration is pushing China to reduce its trade surplus by $200 billion.