Tuesday, 02 January 2024 12:17 GMT

Trump Extends US-China Tariff Truce By 90 Days, Avoiding Major Trade Escalation


(MENAFN- AzerNews) Nazrin Abdul Read more

U.S. President Donald Trump announced on Truth Social that he has signed an executive order extending the tariff suspension on Chinese goods for an additional 90 days, confirming earlier reports of a pending decision, Azernews reports.

“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,” Trump wrote.

The deadline for the truce was set to expire at 12:01 a.m. ET on Tuesday. Without the extension, tariffs on Chinese imports would have soared to 145%, while Chinese tariffs on U.S. goods were scheduled to spike to 125%-a move that could have triggered significant disruptions in global trade.

With the executive order in place, current tariff levels-30% on Chinese goods and 10% on U.S. exports-will remain unchanged until at least November 10, maintaining a temporary calm in the ongoing trade tensions between the two economic superpowers.

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AzerNews

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