Trump extends China tariff truce by another 90 days, pushing new deadline to November

Economy·Tariffs and tradeTrump extends China tariff truce by another 90 days, pushing new deadline to NovemberBy AFPBy AFP Vehicles and machinery are loaded onto ships at Lianyungang Port in China for export overseas.Costfoto—NurPhoto via Getty ImagesUS President Donald Trump reportedly signed an order delaying the reimposition of higher tariffs on Chinese goods on Monday, hours before a trade truce between Washington and Beijing was due to expire

The halt on steeper tariffs will be in place for another 90 days, the Wall Street Journal and CNBC reported, citing Trump administration officials

The White House did not respond to queries on the matter

While the United States and China slapped escalating tariffs on each other’s ducts this year, reaching hibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them

But their 90-day halt of steeper levies was due to expire Tuesday

Asked the deadline earlier Monday, Trump said: “We’ll see what happens

They’ve been dealing quite nicely

The relationship is very good with President Xi (Jinping) and myself.” Trump also touted the tariff revenue his country has collected since his return to the White House, saying “we’ve been dealing very nicely with China.” “We hope that the US will work with China to the important consensus reached during the phone call between the two heads of state,” Chinese foreign ministry spokesman Lin Jian said in a statement

He added that Beijing also hopes Washington will “strive for positive outcomes on the basis of equality, respect and mutual benefit.” The full text of Trump’s order has yet to be released

The 90-day extension means the truce is set to expire in early November, according to the Wall Street Journal

Shaky truce Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky

In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact

Policymakers met again in Stockholm last month

US trade envoy Jamieson Greer said last month that Trump will have the “final call” on any such extension

Trump said in a social media post late Sunday that he hoped China will “quickly quadruple its soybean orders,” adding that this would be a way to balance trade with the United States

For now, the extension of a truce means that US tariffs on Chinese goods this year stand at 30 percent

Under their de-escalation, Beijing’s corresponding levy on US ducts stood at 10 percent

Since returning to the presidency in January, Trump has slapped a 10-percent “recical” tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair

This surged to varying steeper levels last Thursday for dozens of economies

Major partners the European Union, Japan and South Korea now see a 15-percent US duty on many ducts, while the level went as high as 41 percent for Syria

The “recical” tariffs exclude sectors that have been separately targeted, such as steel and aluminum, and those that are being investigated pharmaceuticals and semiconductors

They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted

Trump on Monday said that gold imports will not face additional tariffs, without viding further details

The US president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil

Canada and Mexico come under a different tariff regime

Explore this year's list.