U.S. Treasury Secretary Steven Mnuchin has said that the United States and China have agreed to put a possible trade war on hold.

In an interview with Fox News, he said both countries reached a deal on a "very important" framework concerning their economic and trade ties.

U.S. Treasury Secretary said United States and China made very meaningful progress in the recent concluded economic and trade consultations in Beijing.

Steven Mnuchin said the two sides also agreed to continue ommunications on trade issues.

Meanwhile, speaking at a daily briefing, Chinese foreign ministry spokesman Lu Kang said both countries had clearly recognized that the reaching of a consensus is good for all.

She said China has never hoped for any tensions between China and the United States in the trade or other arenas.