The Latest: Trump defends US trade dealings with China

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The Latest: Trump defends US trade dealings with China
FILE - In this April 30, 2018, file photo, Treasury Secretary Steven Mnuchin speaks during a discussion at the Milken Institute Global Conference, in Beverly Hills, Calif. Mnuchin said Sunday, May 20, that the United States and China are stepping back from a possible trade trade war between the world’s two biggest economies after two days of talks that he said had produced “meaningful progress.” (AP Photo/Jae C. Hong, File)

WASHINGTON (AP) — The Latest on U.S.-China trade talks (all times local):

8:45 a.m.

President Donald Trump is defending his administration’s trade dealings with China a day after his Treasury secretary said the two countries were putting a trade war “on hold.”

Trump tweeted Monday: “China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products – would be one of the best things to happen to our farmers in many years!”

Trump adds: “On China, Barriers and Tariffs to come down for first time.”

Treasury Secretary Steven Mnuchin said Sunday that the U.S. and China were “putting the trade war on hold” following an announcement that Beijing would buy more American goods. But the two sides gave no indication of how much progress they had made toward ending their dispute.

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1 a.m.

The trade war between China and the United States is being put on hold. The economic truce came Sunday after a few days of talks aimed at bringing down America’s massive trade deficit with Beijing.

Treasury Secretary Steven Mnuchin declared the “hold” on Sunday even though China isn’t specifying just how much it will reduce America’s trade deficit, only that it would be substantial. The Trump administration had sought a deficit reduction of billion.

Mnuchin told “Fox News Sunday” that the U.S. and China had made “meaningful progress” and that the administration had agreed to put off proposed tariffs on up to billion in Chinese products. China had promised to retaliate.

Mnuchin forecast a 35 to 45 percent increase this year in U.S. farm sales to China.