Trump signs extension of 90-day tariff truce with China: report
Without the extension, an additional tariff rate of 24 percent on Chinese goods coming into the United States would have taken effect early Tuesday. After high-level trade talks in Stockholm in late July, officials had said the two countries planned to extend the pause.
Earlier Monday, when asked about extending the truce struck in May, U.S. President Donald Trump told reporters, "We'll see what happens." He and Chinese President Xi Jinping have a "very good" relationship, he added.
Reuters reported the fresh 90-day extension, citing a White House official.
In mid-May, the United States and China backed away from their respective triple-digit tariff rates imposed during a trade war launched by Trump.
Since then, the truce in the tit-for-tat tariffs that both countries agreed to in Geneva during their first round of trade talks has been in place.
Currently, the Trump administration is enforcing a 10 percent tariff as part of a planned 34 percent hike on all Chinese imports. The 10 percent rate was introduced in early April under the "reciprocal" U.S. tariff scheme, with the remainder to be negotiated during the pause.
China has also retained a 10 percent tariff as part of a 34 percent retaliatory hike on all U.S. goods, with the remaining 24 percent likewise subject to negotiation.
While signaling a conciliatory stance toward Xi, Trump suggested last week that the United States could impose a new tariff on China for continuing to purchase Russian oil, after ordering such a levy on India.
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