Trump signs order extending China tariff truce by 90 days, White House says
The move prevents US tariffs on Chinese goods from rising to 145 per cent and Chinese tariffs on US goods from climbing to 125 per cent, levels trade experts said would have amounted to a virtual embargo.
AVERTING A DEADLINE
A day earlier, Trump had urged Beijing to quadruple purchases of US soybeans but gave a noncommittal answer when asked if he would extend the lower tariff rates.
'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 (Jinping) and myself.'
Imports from China are currently subject to 30 per cent tariffs, made up of a 10 per cent base rate and 20 per cent in fentanyl-related duties imposed earlier this year. China had matched the de-escalation, lowering its tariffs on US imports to 10 per cent.
NEGOTIATIONS CONTINUE
Beijing and Washington agreed to the 90-day truce in May after talks in Geneva, with further discussions held in Stockholm in July. Those meetings did not produce a formal extension until Monday's order.
Kelly Ann Shaw, a former White House trade official under Trump, said the president often pushed decisions to the last minute and predicted the truce could be extended again. 'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations,' she said.
Ryan Majerus, a former US trade official now with King & Spalding, said the extension would 'undoubtedly lower anxiety on both sides' and give time to address long-standing trade concerns.
WIDER ECONOMIC ISSUES
The White House did not elaborate beyond Trump's remarks, and the Treasury Department and US Trade Representative's Office declined to comment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
Analysis:Just in time? Manufacturers turn to AI to weather tariff storm
LONDON :Manufacturers like U.S. lawnmower maker The Toro Company are not panicking at the prospect of U.S. President Donald Trump's global trade tariffs. Despite five years of dramatic supply disruptions, from the COVID pandemic to today's trade wars, Toro is resisting any temptation to stack its warehouses to the rafters. "We are at probably pre-pandemic inventory levels," says its chief supply-chain manager, Kevin Carpenter, looking relaxed in front of a whiteboard at his office in Minneapolis. "I mean 2019. I think everybody will be at a 2019 level." Among U.S. manufacturers, inventories have roller-coasted this year as they rushed to beat Trump's deadlines for tariff hikes, only to see them repeatedly delayed. But since their post-pandemic expansion, inventories have mostly contracted, according to U.S. Institute for Supply Management data. Instead, "just in time" inventory management - which aims to increase efficiency and reduce waste by ordering goods only as they are needed - is back. But how can firms run lean inventories even as tariffs fluctuate, export bans come out of the blue, and conflict rages? One of the answers, they say, is artificial intelligence. Carpenter says he uses AI to digest the daily stream of news that could impact Toro's business, from Trump's latest social media posts to steel prices, into a custom-made podcast that he listens to each morning. His team also uses generative AI to sieve an ocean of data and to suggest when and how many components to buy from whom. It is a boom industry. Spending on software that includes generative AI for supply chains, capable of learning and even performing tasks on its own, could hit $55 billion by 2029, up from $2.7 billion now, according to U.S. research firm Gartner, driven in part by global uncertainties. HYPE "The tool just puts up in front of you: 'I think you can take 100 tonnes of this product from this plant to transfer it to that plant. And you just hit accept if that makes sense (to you)," McKinsey supply chain consultant Matt Jochim said. The biggest providers of overall supply chain software by revenue are Germany's SAP, U.S. firms Oracle, Coupa and Microsoft and Blue Yonder, a unit of Panasonic, according to Gartner. Generative AI is in its infancy, with most firms still piloting it spending modest amounts, industry experts say. Those investments can climb to tens of millions of dollars when deployed at scale, including the use of tools known as AI agents, which make their own decisions and often need costly upgrades to data management and other IT systems, they said. In commenting for this article, SAP, Oracle, Coupa, Microsoft and Blue Yonder described strong growth for generative AI solutions for supply chains without giving numbers. At U.S. supply chain consultancy GEP, which sells AI tools like this, Trump's tariffs are helping to drive demand. "The tariff volatility has been big," says GEP consultant Mukund Acharya, an expert in retail industry supply chains. SAP said the uncertainty was driving technology take-up. "That's how it was during the financial crisis, Brexit and COVID. And it's what we're seeing now," Richard Howells, SAP vice president and supply chain specialist, said in a statement. An AI agent can sift real-time news feeds on changing tariff scenarios, assess contract renewal dates and a myriad of other data points and come up with a suggested plan of action. But supply chain experts warn of AI hype, saying a lot of money will be wasted on a vain hope that AI can work miracles. "AI is really a powerful enabler for supply chain resilience, but it's not a silver bullet," says Minna Aila, communications chief at Finnish crane-maker Konecranes and member of a business board that advises the OECD on issues including supply chain resilience. "I'm still looking forward to the day when AI can predict terrorist attacks that are at sea, for instance." Konecranes' logistics partners are deploying AI on more mundane data, like weather forecasts. The company makes port cranes that are up to 106 metres (348 ft) high when assembled. When shipping them, AI marries weather forecasts with data like bridge heights to optimise the route. "To ship those across oceans, you do have to take into consideration weather," Aila says. RISING COSTS By keeping inventories low, firms can bolster profit margins that are under pressure from rising costs. Every component or finished product sitting on a shelf is capital tied up, incurring finance and storage costs and at risk of obsolescence. McKinsey has been surveying supply-chain executives since the pandemic. Its most recent survey showed that respondents relying on bigger inventory to cushion disruptions fell to 34 per cent last year from 60 per cent in 2022. Early responses from its upcoming 2025 survey suggest a similar picture, Jochim said. Gartner supply chain analyst Noha Tohamy says that without AI, companies would be slower to react and be more likely to be drawn into building up inventories. "When supply chain organisations don't have that visibility and don't really understand the uncertainty, we go for inventory buffering," Tohamy says. But AI agents won't put supply chain managers out of work, not yet, consultants say. Humans still need to make strategic and big tactical decisions, leaving AI agents to do more routine tasks like ordering and scheduling production maintenance. Toro supply chain chief Carpenter says that without AI, supply chain managers might need to run bigger teams as well.
Straits Times
3 hours ago
- Straits Times
White House orders probe of Smithsonian museums to remove ‘partisan narratives'
Sign up now: Get ST's newsletters delivered to your inbox The Smithsonian's vast network of museums boasts of millions of artefacts for public display. WASHINGTON – US President Donald Trump's administration has ordered a sweeping review of some Smithsonian museums to ensure their exhibitions laud American exceptionalism and 'remove divisive or partisan narratives'. Mr Trump has moved to assert control over major American cultural institutions since starting his second term in January, while also slashing arts and humanities funding. The Smithsonian is one of America's most hallowed institutions, with its vast network of museums boasting tens of millions of artefacts for public display. A letter to the institution's secretary, Mr Lonnie Bunch, published on the White House website on Aug 12, said the administration would carry out a 'comprehensive internal review of selected Smithsonian museums and exhibitions'. 'This initiative aims to ensure alignment with the president's directive to celebrate American exceptionalism, remove divisive or partisan narratives and restore confidence in our shared cultural institutions,' said the letter, signed by three senior White House officials. It will target eight major museums, including the National Museum of American History, the National Museum of African American History and Culture, and the National Museum of the American Indian, the letter said. The review aims to assess 'tone, historical framing and alignment with American ideals' across exhibitions, educational materials and digital content ahead of the 250th anniversary of the nation's founding in 2026. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Singapore HSA seeks Kpod investigators to arrest abusers, conduct anti-trafficking ops Asia Malaysia's anti-graft agency busts arms smuggling ring masterminded by senior military officers Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Singapore 4 taken to hospital after accident near Sports Hub, including 2 rescued with hydraulic tools Business Singapore life insurance sales surges in first half, led by boost in investment-linked plans Singapore SG60: Many hands behind Singapore's success story The Smithsonian's National Museum of American History removed in July a label referring to Mr Trump's two impeachments , a move its parent institution later denied came under White House pressure. The Smithsonian's National Museum of American History removed in July a label referring to President Donald Trump's two impeachments. PHOTO: VALERIE PLESCH/NYTIMES The review requires that the museums submit extensive documentation, including exhibition plans, wall text, educational materials, grant information and internal guidelines, within 30 days. The Smithsonian said in a statement to The New York Times that its 'work is grounded in a deep commitment to scholarly excellence, rigorous research and the accurate, factual presentation of history'. 'We are reviewing the letter with this commitment in mind… and will continue to collaborate constructively with the White House, Congress and our governing Board of Regents,' it said. AFP
CNA
3 hours ago
- CNA
US to probe Smithsonian museums to remove 'partisan narratives'
WASHINGTON: US President Donald Trump's administration said on Tuesday (Aug 12) it had ordered a sweeping review of some Smithsonian museums to ensure their exhibitions laud American exceptionalism and "remove divisive or partisan narratives". Trump has moved to assert control over major American cultural institutions since starting his second term in January, while also slashing arts and humanities funding. The Smithsonian is one of America's most hallowed institutions, with its vast network of museums boasting tens of millions of artefacts for public display. A letter to the institution's secretary Lonnie Bunch, published on the White House website on Tuesday, said the administration would carry out a "comprehensive internal review of selected Smithsonian museums and exhibitions". "This initiative aims to ensure alignment with the President's directive to celebrate American exceptionalism, remove divisive or partisan narratives, and restore confidence in our shared cultural institutions," said the letter, signed by three senior White House officials. It will target eight major museums, including the National Museum of American History, the National Museum of African American History and Culture, and the National Museum of the American Indian, the letter said. The review aims to assess "tone, historical framing, and alignment with American ideals" across exhibitions, educational materials and digital content ahead of the 250th anniversary of the nation's founding next year. The Smithsonian's National Museum of American History removed last month a label referring to Trump's two impeachments, a move its parent institution later denied came under White House pressure. The review requires that the museums submit extensive documentation - including exhibition plans, wall text, educational materials, grant information and internal guidelines - within 30 days. The Smithsonian did not respond immediately to AFP's request for comment. It said in a statement to The New York Times that its "work is grounded in a deep commitment to scholarly excellence, rigorous research and the accurate, factual presentation of history".
