China praises positive steps in US trade row

Time out: A trade war was ‘on hold’ after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, according to Mnuchin. — AFP

BEIJING: Chinese state media on Monday praised a significant dialling back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.

A trade war was “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin said on Sunday.