President Donald Trump on Monday signed an executive order extending the United States’ tariff truce with China for another 90 days, preventing a steep escalation in duties as both sides work toward a permanent trade agreement.
The deal, originally reached in June, keeps U.S. tariffs on most Chinese goods at 55 percent in exchange for Beijing increasing exports of rare earth minerals to the U.S. and capping its tariffs on U.S. goods at 10 percent. The truce was set to expire Tuesday, with tariffs on Chinese goods potentially jumping to 145 percent without an extension.
Trump’s decision comes after weeks of economic turbulence, including quiet West Coast ports and volatile markets, which had raised fears of a recession. The extension now runs through November 10, according to the White House.
Retailers welcomed the move as they prepare for the holiday shopping season, while trade negotiators in Washington and Beijing continue talks. All other terms of the truce remain unchanged.
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