Section 301 Tariffs 'on Hold,' Says Treasury Secretary
Proposed new tariffs on products from China will be put "on hold while we try to execute the framework" of a deal with China, Treasury Secretary Steven Mnuchin said in a May 20 interview on Fox News Sunday. "I'm pleased to report that we've made very meaningful progress and we've agreed on a framework, which is important to understand, and the framework includes their agreement to substantially reduce the trade deficit by increasing their purchasing of goods," he said.
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The Trump administration proposed new tariffs on $50 billion worth goods from China earlier this year following a Section 301 investigation. China and the U.S. released a joint statement on May 19 that both sides are aligned on the "importance to intellectual property protections, and agreed to strengthen cooperation," among other things.