Section 301 Tariffs 'on Hold,' Says Treasury Secretary

Proposed new tariffs on products from China will be put "on hold while we try to execute the framework" of a deal with China, Treasury Secretary Steven Mnuchin said in a May 20 interview on Fox News Sunday. "I'm pleased to report that we've made very meaningful progress and we've agreed on a framework, which is important to understand, and the framework includes their agreement to substantially reduce the trade deficit by increasing their purchasing of goods," he said.

The Trump administration proposed new tariffs on $50 billion worth goods from China earlier this year following a Section 301 investigation. China and the U.S. released a joint statement on May 19 that both sides are aligned on the "importance to intellectual property protections, and agreed to strengthen cooperation," among other things.