The newly declared economic truce between the U.S. and China will prove temporary if the world's two largest economies fail to deliver on vague commitments to rebalance trade.
"We're putting the trade war on hold," said Treasury Secretary Steven Mnuchin on Sunday. "Right now, we have agreed to put the tariffs on hold while we execute the framework."
U.S. President Donald Trump had threatened to slap tariffs on up to $150 billion in Chinese imports, while Beijing vowed to respond in kind. For now, Mnuchin's cease-fire declaration will soothe the nerves of investors worried that the world's two biggest economies were on the verge of an all-out trade conflict.