'US, China reach important framework deal on trade'

Washington  :  US Treasury Secretary Steven Mnuchin has said the US and China have reached a deal on a "very important" framework concerning their economic and trade ties, and the two sides have agreed to put a possible trade war on hold.

In an interview with Fox News on Sunday, Mnuchin said that in the just concluded economic and trade consultations between the US and China, the two nations have "made very meaningful progress."

He added that the two sides will continue with their communications on trade issues, Xinhua news agency reported.

China and the US issued a joint statement on Saturday on the economic and trade consultations, vowing not to launch a trade war against each other.

The two sides agreed to take effective measures to substantially decrease the US trade deficit with China.