The trade war between the US and China is off for now.

President Donald Trump's Treasury Secretary Steve Mnuchin said on "Fox News Sunday" that bilateral talks that ended Saturday were promising enough that the world's two biggest economies don't have to keep escalating tariffs.

The US promised to put $150 billion in punitive tariffs on hold, while China agreed to "significantly increase" its imports of US goods, including energy and agricultural products.

Treasury Secretary Steven Mnuchin says the United States and China are "putting the trade war on hold" after two days of talks that he says produced meaningful progress.

Despite not getting China to agree to trim its overall trade surplus with America by a specific amount, Mnuchin said the US team did get a number of commitments on a framework for reducing the deficit over time, including a doubling of purchases of US energy products.

Because of this progress, Mnuchin tells "Fox News Sunday" that the Trump administration has agreed to put on hold punitive tariffs on up to $150 billion in Chinese products.

China had promised to retaliate in a move that threatened a trade war between the world's two biggest economies.

Now, the US and China have agreed to take measures to "substantially reduce" America's massive trade deficit with China.

While the Trump administration failed to get the Chinese to commit to a specific numerical goal, the three-day talks that ended Saturday may have helped to ease tensions — at least slightly. In recent months, the two have threatened to impose punitive tariffs on billions of dollars in each other's exports.

In a joint statement, Beijing committed to "significantly increase" its purchases of American goods and services, saying that the increase would "meet the growing consumption needs of the Chinese people and the need for high-quality economic development."

The two countries also agreed on "meaningful increases" of US agriculture and energy exports.

Watch a clip of Mnuchin's remarks below: