After negotiations in Washington this past weekend, the world’s two largest economies paused on threats of tariffs. China committed to purchasing more U.S. exports in efforts to bridge the $335 billion annual trade advantage it holds over the U.S.
Details conflict about the agreement: Larry Kudlow, President Trump’s director of the National Economic Council, said China had agreed to $200 billion more in purchases. The Chinese Foreign Ministry denies that dollar amount, calling the reports “a misunderstanding.” U.S. Treasury Secretary, Steven Mnuchin, said over the weekend prospects of a trade war were “on hold.”
To discuss, we’re joined by Phil Levy, senior fellow on the global economy at the Chicago Council on Global Affairs.