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Yahoo
an hour ago
- Yahoo
US and China agree to critical extension, preventing tariff surge on the world's two largest economies
The United States and China agreed to pause tariff hikes on each other's goods for an additional 90 days, according to an executive order signed by President Donald Trump on Monday. Without the agreement, tariffs were set to immediately surge, risking a return to ultra-high levels that had formed an effective blockade on trade between the world's two largest economies. The news, first reported by CNBC, comes hours ahead of a 12:01 am ET deadline when tariffs on Chinese goods were set to rise to 64% from 30%. It's unclear what rates China would have charged on American goods, which are currently subject to minimum 10% tariffs. It also comes after Trump imposed a slew of 'reciprocal' tariffs on trading partners around the world, which have raised the United States' effective tariff rate to levels not seen since the Great Depression. Higher tariffs on Chinese goods, America's second-largest source of imports, would have almost certainly raised the costs many American businesses and consumers could pay — or already are paying — because of increased import taxes Trump has enacted. After meeting in Sweden last month, Chinese negotiators went as far as to say that a deal was reached. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, both of whom attended the meeting, disputed that, saying nothing was final without Trump's word. 'We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi and myself,' Trump said earlier on Monday. At the conclusion of last month's meeting with Chinese trade officials, Bessent said he warned his Chinese counterparts that continuing to purchase Russian oil would bring about huge tariffs under legislation in Congress that allows Trump to impose levies up to 500%. It's not clear if the administration is prepared to double down on those threats yet. Trump recently threatened India, which also purchases Russian oil, albeit considerably less than China, with a 50% tariff rate if it continues to do so by the end of this month. The move to penalize India and not other countries purchasing oil from Russia has been widely criticized by the Indian government, which claims it's being unfairly singled out. Trump suggested that more countries could face similar threats. 'You're going to see a lot more. So this is a taste,' he said last week. And over the weekend in a Fox News interview, Vice President JD Vance said such tariffs on China are on the table, though Trump had not yet made a decision. 'Given that we seem to be headed toward some type of deal with China leading to some kind of meeting between Xi and Trump, the administration has definitely been more conciliatory towards China in the past few weeks,' said Wendy Cutler, a former US trade negotiator who is now vice president of the Asia Society Policy Institute. Were China to give in to the administration's desires to stop purchasing Russian oil, it would be done 'quietly and gradually' rather than a Trump announcement on social media, she added. Much remains unresolved Bessent also said he voiced concerns and regrets about China's sales of over $15 billion worth of dual-use technology equipment (that is, equipment that has both commercial and military uses) to Russia and its purchase of sanctioned Iranian oil. Another sticking point between the US and China has been exportations of rare earth magnets. China agreed to increase exports, but Trump says China has not held up its end of the bargain. The US also wants to find an American buyer for TikTok, which is currently owned by a Chinese company. Congress has set out a timeline for the app to find new ownership or face a US ban. US stocks closed lower Monday ahead of key inflation data set to be published Tuesday morning. This is a developing story. It will be updated. Sign in to access your portfolio
USA Today
an hour ago
- USA Today
Trump signs order extending US-China tariff truce by another 90 days
The executive order staves off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season. WASHINGTON - President Donald Trump extended a tariff truce with China by another 90 days on Aug. 11, a White House official said, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season. Trump signed an executive order delaying the start of higher tariffs until mid-November, shortly after giving reporters a noncommittal answer when asked at a news conference if he planned to keep the lower tariff rates in place. On Aug. 10, Trump demanded China quadruple its purchases of U.S. soybeans, but it remained unclear whether Beijing had agreed. The tariff truce between Beijing and Washington had been due to expire on Aug. 12 at 12:01 a.m. ET. The timing of the extension until early November buys crucial time for the seasonal autumn surge of imports for the Christmas season, including electronics, apparel, and toys at lower tariff rates. The new order prevents U.S. tariffs on Chinese goods from shooting up to 145%, while Chinese tariffs on U.S. goods were set to hit 125% - rates that would have resulted in a virtual trade embargo between the two countries. It locks in place, at least for now, a 30% tariff on Chinese imports, with Chinese duties on U.S. imports at 10%. "We'll see what happens," Trump told a news conference earlier on Aug. 10, highlighting what he called his good relationship with Chinese President Xi Jinping. "It's positive news. Combined with some of the de-escalatory steps both the United States and China have taken in recent weeks, it demonstrated that both sides are trying to see if they can reach some kind of a deal that would lay the groundwork for a Xi-Trump meeting this fall," said Wendy Cutler, a former senior U.S. trade official who is now a vice president at the Asia Society Policy Institute. Trump told CNBC last week that the U.S. and China were getting very close to a trade agreement and he would meet with Xi before the end of the year if a deal was struck. Trade 'detente' continued 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, and U.S. negotiators returned to Washington with a recommendation that Trump extend the deadline. Treasury Secretary Scott Bessent has said repeatedly that the triple-digit import duties both sides slapped on each other's goods in the spring were untenable and had essentially imposed a trade embargo between the world's two largest economies. "It wouldn't be a Trump-style negotiation if it didn't go right down to the wire," said Kelly Ann Shaw, a senior White House trade official during Trump's first term and now with law firm Akin Gump Strauss Hauer & Feld. She said Trump had likely pressed China for further concessions before agreeing to the extension. Trump pushed for additional concessions on Aug. 10, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. Trump did not repeat the demand on Aug. 11. "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," Shaw said. Ryan Majerus, a former U.S. trade official now with the King & Spalding law firm, said the news would give both sides more time to work through longstanding trade concerns. "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," he said. Imports from China early this year had surged to beat Trump's tariffs, but dropped steeply in June, Commerce Department data showed last week. The U.S. trade deficit with China tumbled by roughly a third in June to $9.5 billion, its narrowest since February 2004. Over five consecutive months of declines, the U.S. trade gap with China has narrowed by $22.2 billion - a 70% reduction from a year earlier. No formal announcement was immediately released. The Treasury Department and the U.S. Trade Representative's Office did not respond to requests for comment. Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China. (Reporting by Trevor Hunniccutt and Andrea Shalal; Editing by Bernadette Baum, Rod Nickel and Nia Williams)
CNBC
2 hours ago
- CNBC
Cerence AI CEO explains how new tech can help drivers: 'It's a partner in the vehicle'
In a Monday interview with CNBC's Jim Cramer, Cerence AI CEO Brian Krzanich explained how his company's artificial intelligence technology can help automobile drivers, likening the AI program to "a partner in the vehicle." "We're on an annual cadence of bringing in new technologies and new capabilities, things like measuring your emotions, using the cameras in the car to read street signs and billboards as you're driving down," Krzanich said. Krzanich spoke specifically about Cerence's partnership with Mercedes-Benz to develop a new virtual AI assistant. The program includes a "living" avatar that takes the form of the Mercedes-Benz star logo, according to a press release. Cerence also said in the statement that its technology allows the virtual assistant to "deliver more natural and empathetic interactions," and that based on aspects of the user's voice, the assistant can respond in "varying emotional speaking styles." Before taking the reigns at Cerence, Krzanich served as the CEO of Intel. Krzanich described how he thinks the company has changed since he started, suggesting it is on better financial footing. He also said AI is more central to Cerence's business and operations. According to Krzanich, AI is in all of Cerence's products, and large language models are key to their performance. "Everything we do now has large language models and AI built into it," he said. "We're writing code with AI... we're doing quality assurance with AI. We're doing language improvements with AI because we're in every country. So I use AI every single day of my job." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
