U.S., China announce trade war truce

The Chinese government on Monday said it cannot confirm more trade tensions with the United States will not occur in the future despite U.S. Treasury Secretary Steven Mnuchin declaring a temporary truce in the dispute between the two largest economies. The United States had threatened to impose tariffs on up to $150 billion of Chinese imports, and China vowed to do the same on U.S. products it imports. The dispute arose over complaints that China pressures foreign companies to divulge technology secrets in exchange for market access. The two nations issued a joint conciliatory statement Saturday, and on Sunday, Mnuchin confirmed the two sides had called a truce. “Right now, we have agreed to put the tariffs on hold while we execute the framework,” he said. The move triggered a rise in the global stock market Monday, as it partly quelled investors’ fears of a total trade war. But Chinese foreign ministry spokesman Lu Kang said the truce does not necessarily mark the end of disagreements between the nations. “Given the increasing interaction between the two countries, we cannot assure you they will not encounter more friction or disputes in the future,” he said.