Trump Extends China Trade Truce by 90 Days
U.S. President Donald Trump confirmed on Monday evening that he signed an executive order extending the current trade truce with China by 90 days. The extension means trade tariffs between the two nations will remain relatively lower for now.
Extension Confirmed After Reports
Earlier in the day, several media outlets reported that Trump was expected to approve the extension. This came as Washington and Beijing failed to reach a permanent trade deal before the August 12 deadline set by Trump.
Trade Deal Framework Remains the Same
Trump stated that all other parts of the existing trade agreement with China will remain unchanged. In May and June, both countries had agreed to temporarily cut their tariffs during a brief de-escalation in the trade war.
Ongoing Negotiations and Demands
Trump had originally given a 90-day window to finalize a permanent deal. He also urged Beijing to increase its purchases of U.S. soybeans fourfold.
Recent Moves in Trade Relations
The U.S. recently eased certain restrictions on exporting chip technology to China. In return, China resumed exports of rare earth minerals to the U.S. However, both countries still maintain tariffs ranging from 30% to 50% on each other’s goods.
