Trump extends tariff truce with China for another 90 days, CNBC reports

A White House official told the outlet that Trump signed the order just hours before the tariff truce was set to expire.

It is noted that the extension of the truce was an expected outcome of the latest round of talks between US and Chinese trade negotiators, which took place in Stockholm at the end of last month.

If the deadline had not been extended, US tariffs on China would have sharply increased to the levels seen in April, when the trade war between the world’s two largest trading nations reached its peak.

Trump’s tariffs

In April, US President Donald Trump imposed tariffs on goods from nearly every country in the world.

A week later, Trump put a pause on tariffs for a number of countries, except China. The US president stated that countries had 90 days to negotiate trade deals with the US.

Later, the US and China announced that they had agreed to a 90-day trade truce.

Additionally, on July 28, it became known that the Trump administration had effectively suspended new restrictions on technology exports to China so as not to complicate trade negotiations with Beijing.

Media also reported that the US and China might extend the so-called tariff truce during talks in Stockholm, which began on July 28. The likely extension period is expected to be no less than 90 days.