Extension of U.S.-China trade truce; tariffs delayed for 90 days

WASHINGTON: President Donald Trump issued an executive order to delay the imposition of new tariffs on Chinese imports for 90 days. The Chinese Ministry of Commerce also announced that it would suspend plans to impose additional tariffs on American goods. Trump stated on Truth Social that other terms of the agreement would remain unchanged. The previous deadline was set to expire on Tuesday morning, but this order prevents an increase in U.S. tariffs on Chinese goods to 145% and Chinese tariffs to 125%. Current tariffs of 30% from the U.S. and 10% from China will remain in place. This decision opens the door for further discussions and the possibility of a meeting between Trump and Chinese President Xi Jinping later this year. American companies operating in China have welcomed this move. Shan Stein, President of the U.S.-China Trade Council, called the extension “vital,” emphasizing that an agreement on fentanyl and tariff reductions is essential for resuming exports of American agricultural and energy products to China. Trump referred to achieving a final agreement with China as “unfinished business.” In his executive order, he noted that China has taken steps to reform trade arrangements and address U.S. economic and security concerns.