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China Shoots Down Trump’s $200 Billion Trade Target

But the White House agrees to put tariffs “on hold” after Beijing promised “meaningful increases” in American exports.

Chinese officials have refused to yield to the Trump administration’s demands for a $200 billion cut in the U.S. bilateral trade deficit after two days of tense negotiations, The Wall Street Journal reports. But after China promised to “significantly increase purchases” from the U.S. to help put a dent in Washington’s $375 billion trade deficit, Treasury Secretary Steve Mnuchin on Sunday said the White House had put “the trade war on hold.” “We have agreed to put the tariffs on hold while we try to execute the framework,” he said on Fox News Sunday. The announcement came after U.S. negotiators reportedly pushed China to commit to a $200 billion target in U.S. exports, a demand that was ultimately unsuccessful. China promised to boost U.S. purchases but stopped short of committing to any specific figures, according to the Wall Street Journal. Chinese authorities stressed separately that the increase is not intended to appease Washington but to “meet the growing consumption needs of the Chinese people.”