'They've been dealing quite nicely': US extends China tariff truce by 90 days; Trump-Xi summit on cards?
US President Donald Trump on Monday signed an executive order extending a trade truce with China for another three months, averting the immediate threat of escalating tariffs and export controls that have rattled global markets.
The pause, now set to last until November 10, gives Washington and Beijing more time to address trade disputes and potentially arrange a summit between Trump and Chinese President Xi Jinping later this year.
'They've been dealing quite nicely, the relationship is very good with President Xi and myself,' Trump said at the White House, as reported by The New York Times.
The extension came just hours before the 90-day truce, agreed in May during talks in Geneva, was due to expire on Tuesday.
Under that earlier deal, US tariffs on Chinese goods were cut to 30% from triple-digit levels, while China reduced its levies on American products to 10% and resumed exports of rare earth magnets critical to US manufacturers.
Trump announced the new pause in a Truth Social post: 'I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days.' Around the same time, Chinese state news agency Xinhua reported Beijing would also extend its suspension of earlier tariff hikes, starting August 12, while keeping a 10% duty in place.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Indonesia: Unsold Sofas at Bargain Prices (Prices May Surprise You)
Sofas | Search Ads
Search Now
Undo
The executive order reiterated Washington's view that the large annual US trade deficit with China 'constitutes an unusual and extraordinary threat to the national security and economy of the United States,' while noting Beijing had 'taken significant steps' toward addressing American concerns.
According to news agency AFP, the May truce had been reached after months of mounting tariffs that at one point brought duties to prohibitive triple-digit levels on both sides.
Since then, negotiations have been held in London, Stockholm, and other venues, though tensions have occasionally flared.
On Sunday night, with the deadline looming, Trump publicly urged China to 'quickly quadruple its soybean orders,' writing to Xi on social media that 'our great farmers produce the most robust soybeans.'
Analysts remain cautious about the prospects for a final deal. 'Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions,' said William Yang of the International Crisis Group, as quoted by AFP. US-China Business Council president Sean Stein described the extension as 'critical to give the two governments time to negotiate an agreement' that could pave the way for a Trump-Xi meeting this fall.
'This will be far from a walk in the park,' warned Wendy Cutler, senior vice president at the Asia Society Policy Institute and a former US trade negotiator.
Stay informed with the latest
business
news, updates on
bank holidays
,
public holidays
, current
gold rate
and
silver price
.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
5 minutes ago
- Hindustan Times
After Harvard, George Washington University becomes latest battleground in Trump's campus crackdown
China has halted all engagement with Czech Republic President Petr Pavel following his meeting with the Dalai Lama, which Beijing claims undermines its sovereignty. The Chinese Foreign Ministry expressed strong opposition and lodged a diplomatic protest, stating Pavel's actions contradict commitments made by the Czech government. This meeting marks the first by a sitting head of state with the Dalai Lama in India.
Indian Express
5 minutes ago
- Indian Express
US State Department's 2024 Human Rights Report soft on Trump allies, criticizes Europe, South Africa, Brazil
The U.S. State Department has released its widely anticipated 2024 Human Rights Report, which has dramatically softened criticism of some countries that have been allied with President Donald Trump, while some traditional allies of Washington have been criticised for 'erosion of freedom of speech'. The 2024 Human Rights Report, which was largely completed before Trump began his second term, reportedly underwent significant revisions in the subsequent months before it was released on Tuesday. The report, however, has been critical of restrictions on political speech by U.S. allies in Europe that American officials believe target right-wing politicians. South Africa was also singled out for its human rights situation 'significantly worsening.' The report pointed to unfair treatment of white Afrikaners, a minority that ran the country's apartheid government. Another country where the State Department found the human rights situation declined is Brazil. The Trump administration has clashed with the Lula da Silva government in Brazil over several issues, including the trial of former President Jair Bolsonaro, which Trump has referred to as a 'witch hunt'. The 2024 Human Rights Report took aim at the courts in Brazil, stating they took action undermining freedom of speech and disproportionately suppressing the speech of supporters of Bolsonaro. Another significant change in this year's report is how it largely omitted criticism of governments over their treatment of LGBTQI rights, which had appeared in Biden administration editions of the report.
India.com
5 minutes ago
- India.com
Oil, Tariffs And A Tightrope: Is India Risking US Ties To Keep Russia Close?
New Delhi: The United States has hit India with steep new tariffs, turning a once-warm trade partnership into a tense standoff. At the centre of the dispute is New Delhi's decision to keep buying discounted Russian oil, a move that Washington says undermines its sanctions policy. The shift has led to a wider global realignment: allies facing friction and rivals finding common ground. President Donald Trump's tariff-heavy strategy is blurring the line between friend and competitor. Signs of a broader geopolitical realignment are also visible. For the first time since the 2020 Galwan Valley clash, Prime Minister Narendra Modi is considering attending the Shanghai Cooperation Organisation (SCO) summit, which China is hosting this year. Russia remains a long-standing ally, but closer ties with Beijing carry strategic and economic risks. Diplomatic sources suggest that Modi's potential presence at the SCO would be read in Washington as a signal that India is willing to engage more with blocs where the United States has little sway. India's trust deficit with China remains deep. Border disputes, military skirmishes and Beijing's open support for Pakistan during Operation Sindoor have left a legacy of mistrust. Russia's growing dependence on China could further reduce India's influence in the region. Analysts emphasise that Moscow's military cooperation with Beijing, including joint patrols in the Sea of Japan and advanced technology transfers, has added to New Delhi's unease. The trade imbalance adds another layer of concern. India's deficit with China has crossed $100 billion in FY 2024-25, up from $85.09 billion the previous year. By contrast, the U.S. relationship brings a surplus of over $35 billion, with bilateral trade valued at $119.71 billion in 2023-24. Washington has repeatedly highlighted this surplus as proof that it remains a more beneficial trade partner for India, even as it warns that continued Russian oil imports could jeopardise preferential market access. Analysts warn that closer alignment with Russia and China could strain India's relations with the West. The United States and its allies view both nations as strategic rivals. India's engagement with them may invite further economic restrictions and weaken platforms like the Quad, which includes the United States, Japan and Australia. Conversations in Washington policy circles have questioned India's reliability as a Quad partner, especially if it moves towards energy and defence agreements that align with Chinese and Russian interests. While Russia has been a dependable partner for decades, the Ukraine conflict has bound it tightly to China, which is now its largest trading partner. This dynamic could leave India as a secondary priority for Moscow. India is benefiting in the short run in energy sector by purchasing Russian crude at a discount of up to $8-10 per barrel, but strategists warn that these savings could be erased if Western tariffs expand to cover more sectors. India's next moves require careful calculation. Each decision carries significant long-term consequences, not only for its trade but also for its place in the shifting global power structure. A senior Indian diplomat put it privately, 'This is no longer just about oil. It is also about choosing which world order we want to belong to, and that choice will define the next two decades.'
