Latest news with #trade truce
Wall Street Journal
18 hours ago
- Business
- Wall Street Journal
Yen Mostly Weakens After U.S. Extends China's Trade Deal Deadline
0051 GMT — The yen weakens against most other G-10 and Asian currencies in early trade after President Trump extended the U.S.'s trade truce with China through Nov. 9. This means the tariff rate on imports from China will stay at 30% instead of jumping to a higher level as it would have if no deal had been struck by Tuesday. Although this extension was highly anticipated, confirmation of the trade truce will still be positive for sentiment in Asia today, UOB's Global Economics & Markets Research say in a note. USD/JPY edges 0.1% higher to 148.35, AUD/JPY rises 0.2% to 96.72, and EUR/JPY is 0.2% higher at 172.35, FactSet data show. (
Washington Post
19 hours ago
- Business
- Washington Post
US and China extend trade truce another 90 days, easing tension between world's largest economies
WASHINGTON — President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world's two biggest economies. Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same.' Beijing at the same time also announced the extension of the tariff pause via the official news agency Xinhua.
Forbes
a day ago
- Business
- Forbes
China Tariffs On Hold For 90 More Days
President Donald Trump extended a pause on tariffs against Chinese imports to the U.S. for another 90 days Monday, hours before an initial 90-day moratorium was set to expire on Trump's threat to impose tariffs up to 145% on Chinese goods, according to multiple reports. President Donald Trump attends a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US, on Monday, August 11, 2025. (Photo by Yasin Ozturk/Anadolu via Getty Images) Anadolu via Getty Images Trump signed an executive order to extend the truce until Nov. 9, multiple outlets reported, citing an unnamed White House official. This is a developing story and will be updated.
Yahoo
a day ago
- Business
- Yahoo
US-China trade truce deadline looms threatening escalation of economic tensions
A trade truce between the US and China was set to expire Tuesday, threatening an escalation of economic tensions between the world's two largest economies. Chinese officials said they hoped the United States would strive for 'positive' trade outcomes on Monday, as the 90-day detente reached between the two countries last month was due to expire. 'We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state... and strive for positive outcomes on the basis of equality, respect and mutual benefit,' foreign ministry spokesman Lin Jian said in a statement. Related: Nvidia and AMD agree to pay 15% of China chip export revenues to US Chinese and US officials said they expected the pause to be extended after the most recent round of trade talks held last month in Stockholm. Scott Bessent, the US treasury secretary, said last week the US had 'the makings' of a trade deal with China and that he was optimistic about a path forward. But Trump has yet to confirm any extension to the pause. 'Tariffs are making our Country Strong and Rich!!!' he wrote on social media on Monday morning. Failure to reach a deal would have major consequences. Trump had threatened tariffs on China as high as 245% with China threatening retaliatory tariffs of 125%, setting off a trade war between the world's largest economies. On Sunday, Trump posted on TruthSocial that China should quadruple its purchases of soybeans from the US to help reduce the trade deficit between the US and China. Currently, US exports to China are subject to tariffs of around 30%, with imports from China subject to a baseline tariff of 10% and a 20% extra tariff in response to fentanyl smuggling allegations against China. Some products are taxed at higher rates. US exports to China are subject to tariffs of around 30% The Federal Reserve and many economists have argued that the tariffs will push up prices in the US. Goldman Sachs strategists calculate that US consumers have absorbed 22% of tariff costs through June 2025. That share is expected to rise to 67% if recent tariffs follow the same pattern as earlier ones. Ahead of the tariff deadline, chipmakers Nvidia and AMD agreed to pay the US government 15% of their revenue from advanced chips sold to China in exchange for export licenses to the market. Stephen Olson, a former US trade negotiator, told Bloomberg of the deal: 'What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that's the case, we've entered into a new and dangerous world.' Associated Press contributed to this story Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Guardian
a day ago
- Business
- The Guardian
US-China trade truce deadline looms threatening escalation of economic tensions
A trade truce between the US and China was set to expire Tuesday, threatening an escalation of economic tensions between the world's two largest economies. Chinese officials said they hoped the United States would strive for 'positive' trade outcomes on Monday, as the 90-day detente reached between the two countries last month was due to expire. 'We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state... and strive for positive outcomes on the basis of equality, respect and mutual benefit,' foreign ministry spokesman Lin Jian said in a statement. Chinese and US officials said they expected the pause to be extended after the most recent round of trade talks held last month in Stockholm. Scott Bessent, the US treasury secretary, said last week the US had 'the makings' of a trade deal with China and that he was optimistic about a path forward. But Trump has yet to confirm any extension to the pause. 'Tariffs are making our Country Strong and Rich!!!' he wrote on social media on Monday morning. Failure to reach a deal would have major consequences. Trump had threatened tariffs on China as high as 245% with China threatening retaliatory tariffs of 125%, setting off a trade war between the world's largest economies. On Sunday, Trump posted on TruthSocial that China should quadruple its purchases of soybeans from the US to help reduce the trade deficit between the US and China. Currently, US exports to China are subject to tariffs of around 30%, with imports from China subject to a baseline tariff of 10% and a 20% extra tariff in response to fentanyl smuggling allegations against China. Some products are taxed at higher rates. US exports to China are subject to tariffs of around 30% The Federal Reserve and many economists have argued that the tariffs will push up prices in the US. Goldman Sachs strategists calculate that US consumers have absorbed 22% of tariff costs through June 2025. That share is expected to rise to 67% if recent tariffs follow the same pattern as earlier ones. Ahead of the tariff deadline, chipmakers Nvidia and AMD agreed to pay the US government 15% of their revenue from advanced chips sold to China in exchange for export licenses to the market. Stephen Olson, a former US trade negotiator, told Bloomberg of the deal: 'What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that's the case, we've entered into a new and dangerous world.' Associated Press contributed to this story
