US confirms suspension of trade tariffs against China

US Treasury Secretary Steven Mnuchin confirmed today that Washington and Beijing had agreed to back off from imposing tariffs on each other, a day after reaching an accord on slashing the American trade deficit with China.

"We have made very meaningful progress and we agreed on a framework," Mnuchin told Fox News Sunday. "So right now we have agreed to put the tariffs on hold while we try to execute the framework."