New Delhi: China and the United States agreed to abandon any trade war and back off from threatened tariffs, China's vice-premier Liu He said on Sunday.
Liu, who led a high-level Chinese delegation to Washington last week said: “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other."
China also said that it will “significantly increase purchases” of US goods, the White House said.
A joint statement released by the White House following the talks between the two countries did not place a dollar figure on the increased purchases by China, or address a comment by President Donald Trump’s top economic adviser suggesting that Beijing had agreed to slash its annual trade surplus with the US by US$200 billion (S$268 billion).
Mr Liu, a special envoy of Chinese President Xi Jinping, told reporters in Washington that talks with US officials, including Treasury Secretary Steven Mnuchin, Secretary of Commerce Wilbur Ross and US Trade Representative Robert Lighthizer, ended with a pledge not to engage in a trade war, according to a Xinhua news agency report.
Mr Liu said the two sides agreed to stop “slapping tariffs” on each other, Xinhua reported. He added that his trip to the US had been positive, pragmatic, constructive and productive.