Possible Trade War is Now "On Hold"

Mnuchin and President Trump's top economic adviser, Larry Kudlow, said an agreement reached by Chinese and American negotiators this weekend sets up the framework for addressing major issues.

"We are putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework," Mnuchin told "Fox News Sunday."

On Saturday, the US and China said they would continue talking about measures under which China can import more energy and agricultural commodities from the United States to close the almost $340 billion annual U.S. goods and services trade deficit with China.

Mnuchin said the US expects to see a substantial increase of between 35 percent and 40 percent in agricultural exports to China as well as the doubling of energy purchases over the next three to five years.

"We have specific targets. I am not going to publicly disclose what they are. They go industry by industry," Mnuchin said.