Q FM Africa's Modern Radio
China and the US say they will halt imposing punitive import tariffs, putting a possible trade war “on hold”.
The agreement came after days of talks in Washington DC aimed at persuading China to buy more US goods and services, therefore reducing the trade imbalance between the two countries.
US Treasury Secretary Steven Mnuchin said China would lower tariffs “on many things”, without specifying.
Chinese Vice-Premier Liu He described the deal as a “win-win choice”.
Washington says the move will “substantially reduce” its $335bn annual trade deficit with Beijing.
But no figures have been provided – the White House had being aiming for a $200bn reduction.
Both countries have imposed tariffs on each others’ imports, though they are yet to be implemented.