Trump extends China tariff deadline by another 90 days
The order was signed just before midnight, Sunday, hours before the current tariff pause was set to expire. The extension to Nov. 9 follows progress last month in Stockholm, Sweden, during talks between U.S. and Chinese trade negotiators.
"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 ... and strive for positive outcomes on the basis of equality, respect and mutual benefit," foreign ministry spokesman, Lin Jian, said in a statement.
Last week, U.S. Treasury Secretary Scott Bessent said he, too, was optimistic about "the makings" of a trade deal with China.
China is one of the United State's largest trade partners. In June, Trump announced a trade agreement with China over rare earth minerals. Under the deal, China would export rare earth minerals to the United States with both countries reducing their tariffs for 90 days. Rare earth minerals fuel energy sources for mobile devices and electric vehicles.
As Trump signed the executive order Sunday night, he called on China to quadruple its purchases of American soybeans to reduce the United States' trade deficit with China.
"China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders," Trump wrote in a post on X.
"This is a way of substantially reducing China's Trade Deficit with the United States. Rapid service will be provided. Thank you President Xi."
Despite ongoing trade threats, China's economy posted second quarter Gross Domestic Product growth at 5.2% last month, according to the National Bureau of Statistics, as exporters took advantage of the Trump administration's pauses in reciprocal tariffs, which were announced April 2.
Since the announcement, Trump hit China with tariffs as high as 145%, while China threatened retaliatory tariffs of 125%. During the initial 90-day truce, the United States reduced its China tariffs to 30%, with China dropping its tariffs on U.S. goods to 10%.
"We'll see what happens," Trump told reporters at the White House. "They've been dealing quite nicely. The relationship is very good with President Xi and myself."
Over the past few weeks, the Trump administration announced trade deals -- to lower tariffs in exchange for larger U.S. investment -- with Japan, South Korea and the European Union.
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