Trump extends China tariff deadline by another 90 days
The order followed a noncommittal answer by Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of U.S. soybeans.
A tariff truce between Beijing and Washington was set to expire on Tuesday at 00:01 ET. The order prevents U.S. tariffs on Chinese goods from shooting up to 145 per cent, with Chinese tariffs on U.S. goods set to hit 125 per cent, rates that would have resulted in a virtual trade embargo.
'We'll see what happens,' Trump told a press conference, when asked how he planned to extend the deadline. 'They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.'
Imports from China are currently subject to 30 per cent tariffs, including a 10 per cent base rate and 20 per cent in fentanyl-related tariffs imposed by Washington in February and March. China had matched the de-escalation, lowering its rate on U.S. imports to 10 per cent.
Global investors see few winners as tariff storm lashes global markets
The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden in late July, but did not announce an agreement to further extend the deadline.
Kelly Ann Shaw, a senior White House trade official during Trump's first term and now with Akin Gump Strauss Hauer & Feld, said she expected Trump to extend the 90-day 'tariff détente' for another 90 days later on Monday.
'It wouldn't be a Trump-style negotiation if it didn't go right down to the wire,' she said, adding Trump could also announce progress in other aspects of the economic relationship as a backdrop for granting the extension.
'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations and there's been a lot of noise about everything from soybeans to export controls to excess capacity over the weekend,' she said.
Ryan Majerus, a former U.S. trade official now with the King & Spalding law firm, welcomed the news.
'This will undoubtedly lower anxiety on both sides as talks continue, and as the U.S. and China work toward a framework deal in the fall. I'm certain investment commitments will factor into any potential deal, and the extension gives them more time to try and work through some of the longstanding trade concerns,' he said.
The White House declined to comment beyond Trump's remarks. The Treasury Department and U.S. Trade Representative's Office did not respond to requests for comment.
U.S. Treasury Secretary Scott Bessent has said Washington has the makings of a deal with China and he was 'optimistic' about the path forward. Trump pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. Trump did not repeat the demand on Monday.
But Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Post
14 minutes ago
- National Post
Talk show host Jimmy Kimmel reveals he has Italian citizenship
American TV host and comedian Jimmy Kimmel revealed that he has Italian citizenship while talking about Americans fleeing the country, on his recent participation on The Sarah Silverman Podcast. Article content During the podcast episode, Silverman, a fellow comedian, was talking about how a lot of people she knows are thinking about which countries they could get citizenship from in order to leave the U.S. over unhappiness with U.S. President Donald Trump's administration. Article content Article content Article content That is when Kimmel said he had Italian citizenship. Article content Article content 'I did get Italian citizenship. I do have that,' Kimmel said. 'What's going on is … as bad as you thought it was gonna be, it's so much worse. It's just unbelievable. I feel like it's probably even worse than (Trump) would like it to be.' Despite that, Kimmel also said that he believes that people who once supported Trump and have now changed their minds should not be condemned. 'The door needs to stay open,' Kimmel said. 'If you want to change your mind, that's so hard to do. If you want to admit you were wrong, that's so hard and so rare to do, you are welcome.' Article content This comes almost a month after CBS announced 'The Late Show With Stephen Colbert' got cancelled, and Trump suggested that Kimmel was next. Article content 'I absolutely love that Colbert got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert! Greg Gutfeld is better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show,' Trump said on a post on Truth Social. Article content Article content Article content To that, Kimmel posted on Instagram 'I'm hearing you're next. Or maybe it's just another wonderful secret.' This refers to Trump's relation to Jeffrey Epstein, and the phrase he wrote to Epstein on his 50th birthday in 2003. Article content
CTV News
14 minutes ago
- CTV News
Environmental concerns could halt construction at Florida's ‘Alligator Alcatraz' immigration jail
Work progresses on the Dade-Collier Training and Transition facility in the Florida Everglades, July 4, 2025, in Ochopee, Fla. (AP Photo/Rebecca Blackwell, file) MIAMI — Construction of a makeshift immigrant detention centre in the Florida Everglades dubbed ' Alligator Alcatraz ' could be halted indefinitely as a federal judge considered Wednesday whether the hasty development on sensitive wetlands violated environmental laws. Last week, U.S. District Judge Kathleen Williams ordered a two-week halt on additional construction at the site while witnesses testify. The temporary order doesn't include any restrictions on law enforcement or immigration enforcement activity. The first phase of 'Alligator Alcatraz' opened in July atop a lightly used, single-runway training airport. Less than 1,000 detainees were being held there as of last week, and it's designed to eventually hold up to 3,000 detainees. U.S. President Donald Trump toured the facility last month and suggested it could be a model for future lockups nationwide as his administration races to expand the infrastructure necessary for increasing deportations. 'Alcatraz' in a swamp Inside the compound's large white tents, rows of bunkbeds are surrounded by chain-link cages. People held there say worms turn up in the food, toilets don't flush and flood floors with fecal waste, while mosquitoes and other insects are everywhere. At times the air conditioners abruptly shut off in the sweltering heat. Detainees are said to go days without showering or getting prescription medicine, and can only speak to lawyers and loved ones by phone. The detention centre has an estimated annual cost of US$450 million, according to a public database. Gov. Ron DeSantis has said the location in the rugged and remote Everglades was meant as a deterrent from escape, much like the island prison in California that Republicans named it after. Who runs 'Alligator Alcatraz,' Washington or Florida? Williams last week said the detention facility was, at a minimum, a joint partnership between the state and federal government. Plaintiffs presented witnesses Wednesday and Thursday who testified that the facility violates the National Environmental Policy Act, which requires federal agencies to assess the environmental effects of major construction projects. Environmental groups and the Miccosukee Tribe want the judge to issue a preliminary injunction to halt operations and further construction, which they say threatens environmentally sensitive wetlands that are home to protected plants and animals and would reverse billions of dollars' worth of environmental restoration. Attorneys for the state and federal government say that although the detention centre would hold federal detainees, its construction and operation is entirely under the state of Florida, meaning a federal environmental review wouldn't apply. Attorneys for federal and state agencies last month asked Williams to dismiss or transfer the injunction request, saying the lawsuit was filed in the wrong jurisdiction. Williams had yet to rule on that argument. Witnesses describe environmental threats Witnesses for the environmental groups have testified that at least 20 acres (8 hectares) of asphalt have been added to the site since the Florida Division of Emergency Management began construction. They said additional paving could lead to an increase in water runoff to the adjacent wetlands, spread harmful chemicals into the Everglades and reduce the habitat for endangered Florida panthers. Marcel Bozas, director of the Miccosukee Tribe's fish and wildlife department, said tribe members hunt and fish for subsistence and cultural reasons. He said sustained human activity can drive away game animals as well as protected species. State official says Florida runs centre Washington doesn't tell Florida where to detain immigrants, and the Everglades facility was built to alleviate overcrowding at other lockups, said David Kerner, the head of the state's Department of Highway Safety and Motor Vehicles. Kerner couldn't say how many of the 'Alligator Alcatraz' detainees have been charged with violent crimes or whether any other sites besides the middle of the Everglades were considered for possible detention centres. Facility faces a second legal challenge Over the weekend, a federal judge gave the state until late September to prepare arguments against an effort to get the civil rights litigation certified as a class action. That second lawsuit claims detainees' constitutional rights are being violated because they are barred from meeting lawyers, are being held without any charges, and a federal immigration court has cancelled bond hearings. The lawsuits were being heard as DeSantis′ administration apparently was preparing to build a second immigration detention centre at a Florida National Guard training centre in north Florida. David Fischer, The Associated Press
CTV News
14 minutes ago
- CTV News
Crypto exchange Bullish valued at nearly US$13.2 billion in blowout NYSE debut
Bullish CEO Tom Farley, right, leads a cheer during opening bell ceremonies of the New York Stock Exchange, Wednesday, Aug. 13, 2025. (AP Photo/Richard Drew) Cryptocurrency exchange operator Bullish was valued at about US$13.16 billion after its shares more than doubled in their NYSE debut on Wednesday, underscoring investor confidence in the sector and lifting prospects for future U.S. listings by other digital asset firms. The parent of crypto news website CoinDesk raised $1.11 billion in its IPO, valuing the company at $5.4 billion — another sign of mainstream adoption in a market that recently topped $4 trillion. 'Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process,' said Jeff Zell, senior research analyst at IPO Boutique. The stock opened at $90 and was trading over 150 per cent its IPO price of $37 in afternoon trading. It went as high as $118, before paring gains slightly to trade at $92.60. A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin BTC= to record highs. Exchange operator Gemini and asset manager Grayscale are also among the crypto firms that have confidentially filed to go public. 'We've gone public today, and there's a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class,' Bullish President Chris Tyrer told Reuters in an interview. Bullish is close to concluding a two-year process to obtain a virtual currency license known as a 'BitLicense' in New York, which would allow the company to operate in the state, Tyrer said. The BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and capital. Peter Thiel-backed Bullish plans to convert a significant portion of the IPO proceeds to stablecoins — a slice of the crypto space that has boomed since U.S. President Donald Trump signed the Genius Act, creating a regulatory regime for the dollar-pegged cryptocurrencies. Institutional focus Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase, which became the first crypto player to be included in the benchmark S&P 500 index in May. Founded in 2020, Bullish targets institutional clients, whose crypto holdings are expected to rise as a new White House order aims to allow alternative investments in 401(k) retirement plans. 'A pure institutional strategy positions Bullish for more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven,' said Michael Hall, co-chief investment officer and founding partner at Nickel Digital Asset Management. Bullish CEO Tom Farley was previously the president of the NYSE. 'For a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates,' Hall said. (Reporting by Ateev Bhandari and Atharva Singh in Bengaluru and Hannah Lang in New York; Editing by Shilpi Majumdar, Devika Syamnath, Tasim Zahid and Alan Barona)
