France's finance minister says his country will delay its digital tax and U.S. will hold off retaliatory sanctions.

Bruno Le Maire said in Davos, Switzerland, that he and U.S. Treasury Secretary Steven Mnuchin will talk about setting up a global framework on how to tax online business.

Le Maire said Wednesday that France would delay collection of the digital tax until December and the U.S. would not impose retaliatory tariffs.

The U.S. had threatened to put tariffs on French wine, cheese and other products.

Wednesday's agreement that could avert a new trade skirmish between the United States and the European Union over the lucrative high-tech market.

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