Trump backs down again with tariff extension for China
The president signed an executive order to postpone the tariff deadline, according to a report from CNBC citing a White House official, one day before it was scheduled to snap into place. Currently, Chinese imports are subject to the president's 10 percent baseline tariffs with an additional 20 percent tariff.
The president threatened a massive 245 percent tariff on Chinese goods in April, but has extended it as long as talks and negotiations continue. United States and Chinese officials spent two days in Stockholm in late July emerging in a settlement to extend the ongoing trade 'truce' between both countries.
President Trump and Chinese President Xi Jinping are also in talks to meet to wrap up trade talks and set a deal as negotiations continue. The two leaders last spoke on the phone in June. Both sides are optimistic that they can wrap up talks in late October, according to Treasury Secretary Scott Bessent in an interview with Nikkei Asia.
Trump continues using tariffs to force foreign countries into negotiations, even as some of the deadlines keep getting extensions depending on whether progress is made. Tariffs on over 60 countries went into effect at midnight on August 7th, following 18 weeks of tough negotiations.
Trump allowed tariffs on Canada to jump to 35 percent, even as the president granted Mexico a 90-day extension. India now faces an additional 25 percent tariff scheduled for August 27 on top of a 25 percent tariff set on August 1. Brazil also has a 50 percent tariff on many of its products.
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