United States president Donald Trump on Monday extended a trade truce with China for another 90 days
The Chinese Commerce ministry also said it would suspend additional tariffs on US goods for the said period
United States president Donald Trump on Monday extended a trade truce with China for another 90 days, pausing a tariff battle between the two nations till November 10. The Chinese Commerce ministry also said it would suspend additional tariffs on US goods for 90 more days.
Trump made the statement on his Truth Social platform stating I have just signed an executive order that will extend the tariff suspension on China for another 90 days. All other elements of the agreement will remain the same."
The previous deadline was set to expire on August 12. "The United States continues to have discussions with the PRC to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns," Trump's executive order stated, Reuters reported.
"Through these discussions, the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters," it added.
The executive order has prevented the new tariff on Chinese goods from reaching up to 145 percent, while tariff on US goods was set to hit 125 percent.
Trump had earlier told CNBC that both nations were close to a trade deal and he would meet Chinese President Xi Jinping by the end of the year if the deal was struck. The United States has warned China to stop buying Russian oil in wake of its war with Ukraine to risk secondary tariffs being imposed on their goods.
Treasury Secretary Scott Bessent has said repeatedly that the triple-digit import duties both sides slapped on each other's goods in the spring were untenable and had essentially imposed a trade embargo between the world's two largest economies.
