‘Elements' of the existing trade agreement between the two nations remain unchanged.
US extends the suspension of tariffs on Chinese imports for an additional 90 days. Latest News
US President Donald Trump on Monday signed an executive order extending the suspension of tariffs on Chinese imports for an additional 90 days. He made the announcement early Tuesday.
‘Elements’ of the existing trade agreement between the two nations remain unchanged.
President Trump, in a social media post, said, “I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days. All other elements of the Agreement will remain the same.”
The trade truce has been extended until 10 November. The decision came hours before the first 90-day truce signed in May this year was set to expire, and the two nations were set to hike tariffs on each other. China and America had signed the May truce during the talks in Geneva, which was due to expire on Tuesday, that is today.
Under the May deal, US tariffs on Chinese goods were reduced to 30% from 145% while China reduced its tariff to 10% from 125%.
Under the latest agreement, according to a BBC report, the US will hold its tariffs on Chinese imports at 30%, while China will keep a 10% tariff on American goods.
The latest extension is expected to provide both sides with more time while the negotiations and trade commitments continue.
According to the BBC report, which cites the white House, the US has a trade deficit of nearly $300bn (£223bn) with China in 2024, which the report said is the largest among any of its trading partners.
(For more news apart from “US extends suspension of tariffs on Chinese imports for an additional 90 days, May deal Ends today,” stay tuned to Rozana Spokesman.)
