 "Trump delays tariff hike on Chinese goods by 90 days, hours before August 12 deadline")
Hours before a trade truce between Washington and Beijing was set to expire, US President Donald Trump on Monday signed an order postponing the reimposition of higher tariffs on Chinese imports, according to multiple US media reports.
The tariff freeze will now remain in effect for an additional 90 days, reported The Wall Street Journal and CNBC.
The United States and China, the world’s two largest economies, had exchanged tit-for-tat tariffs earlier this year before agreeing to a temporary truce during talks in May.
Earlier in the day President Trump dodged a question about whether he would extend the August 12 deadline for imposing higher tariffs on Chinese goods, saying “we’ll see what happens.”
“We’ve been dealing very nicely with China. As you have probably heard, they have tremendous tariffs that they’re paying to the United States of America,” Reuters had quoted Trump as saying at a news conference at the White House.
“They’ve been dealing quite nicely,” he said, adding that he had a good relationship with Chinese President Xi Jinping.
A tariff truce between the US and China was set to expire on August 12, though the Trump administration had signaled the deadline could be extended.
Without an extension, the US tariffs on Chinese goods would have surged to 145%, while Chinese tariffs on American products could have reached 125%.
The two countries agreed to a 90-day pause in their trade dispute during talks in Geneva this May, allowing time for further negotiations.
A follow-up meeting in Stockholm in late July ended without any announcement on extending the truce.
Impact Shorts
More ShortsUS Treasury Secretary Scott Bessent said Washington is making progress and expressed optimism about reaching a deal with Beijing.
With the clock ticking, Trump on Sunday night called on China to quadruple its purchases of American soybeans and noted that doing so would help reduce America’s trade deficit with China.
“China is worried about its shortage of soybeans,” Trump wrote on Truth Social in a message directed to Xi Jinping, China’s leader.
“Our great farmers produce the most robust soybeans,” he added.
With inputs from agencies
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