00:00The United States and China on Monday extended a tariff truce for another 90 days, staving
00:07off triple-digit duties on each other's goods.
00:10U.S. President Donald Trump said he had signed an executive order to extend the suspension
00:14of tariffs imposed on Chinese goods for another 90 days.
00:18He said all other elements of the agreement will remain the same.
00:22On Tuesday, the Chinese Finance Ministry also issued a parallel pause on its reciprocal
00:28tariff on American imports into China.
00:31The tariff truce between Beijing and Washington had been due to expire on Tuesday, and the
00:36extension until early November will buy time for the seasonal autumn surge of imports for
00:42the Christmas season, including electronics, apparel, and toys at lower tariff rates.
00:48Following the announcement, stocks in China climbed, while Hong Kong shares remained steady
00:54on Tuesday.
00:55China markets have been trending higher in recent weeks, as investors priced in positive
01:00signals from the U.S.-China trade talks in Geneva, London, and Stockholm, which focused
01:05on bringing retaliatory tariffs down from triple-digit levels.
01:09On Sunday, Trump told the Chinese government and companies to increase soybean orders from
01:15the U.S. in order to reduce the trade deficit between China and the U.S.
01:20He said China is worried about its shortage of soybeans.
01:24And as the U.S. has capable farmers who can produce what he called the most robust soybeans,
01:30he hoped China will quickly quadruple its soybean orders.
01:34Chicago soybean prices rose more than 2 percent on Monday, following Trump's comments.
01:41China is the largest soy importer in the world, but has been shunning U.S. beans, for South American
01:47ones, on the back of trade and diplomatic tensions.
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