China Tariffs On Hold For 90 More Days


Topline

President Donald Trump extended a pause on tariffs against Chinese imports to the U.S. for another 90 days Monday, hours before an initial 90-day moratorium was set to expire on the 145% tariff on Chinese goods Trump imposed briefly in May, according to multiple reports.

Key Facts

Trump signed an executive order to extend the truce until Nov. 9, multiple outlets reported, citing an unnamed White House official.

The U.S. and China reached an initial temporary agreement in May after talks in Sweden, lowering Trump’s tariffs from 145% to 30% (including a 10% baseline tariff and 20% additional penalty for fentanyl imports) for 90 days, while China agreed to lower its retaliatory levies from 125% to 10% and agreed to lift a moratorium on exports of rare earth magnets.

U.S. and Chinese officials hinted at the extended pause in the preceding days, with Trump telling reporters at the White House on Monday “we’ll see what happens,” adding “they’ve been dealing quite nicely—the relationship is very good with President Xi and myself.”

Chinese officials also said earlier Monday they were optimistic about a delay in implementing the higher tariffs, with Chinese Foreign Ministry spokesperson Lin Jian saying in a statement “we hope that the U.S. will work with China to follow the important consensus reached during the phone call between the two heads of state,” an apparent reference to the June phone call between Trump and Chinese President Xi Jinping, The Guardian reported.

Tangent

Trump in a Truth Social post Sunday urged China to “quadruple” purchases of U.S. soybeans, as Beijing—the largest buyer of American oilseed—has yet to book any cargoes for the upcoming harvest as of late July amid the trade standoff, Bloomberg reported, citing government data.

This is a developing story and will be updated.



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