Trump extends China tariff truce by another 90 days
The order followed a non-committal answer by Mr Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of US soybeans.
A tariff truce between Beijing and Washington was set to expire on Tuesday.
The order prevents US tariffs on Chinese goods from shooting up to 145 per cent, with Chinese tariffs on US goods set to hit 125 per cent, rates that would have resulted in a virtual trade embargo.
'We'll see what happens,' Mr 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 US imports to 10 per cent.
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 Mr Trump's first term and now with Akin Gump Strauss Hauer & Feld, said she expected Mr 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 Mr 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.'
Ryan Majerus, a former US 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 US 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 Mr Trump's remarks.
The Treasury Department and US Trade Representative's Office did not respond to requests for comment.
US Treasury Secretary Scott Bessent has said Washington has the makings of a deal with China and he was 'optimistic' about the path forward.
Mr Trump pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal.
But Washington has also been pressing Beijing to stop buying Russian oil, with Mr Trump threatening to impose secondary tariffs on China.
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