00:00The US and China have extended the tariff truce by 90 days, now set for November 10th.
00:06This happened just hours before new duties were due to take effect today.
00:12In a Truth Social post on Monday, US President Donald Trump said he had signed an executive order to extend the truce.
00:19China's Commerce Ministry also announced a parallel pause early today,
00:23also postponing by 90 days the addition of targeted US firms to trade an investment restriction list.
00:31Under the agreement, the US will hold its tariffs on Chinese imports at 30%,
00:35while China will keep a 10% tariff on American goods.
00:40In April, Washington had threatened tariffs as high as 145% on Chinese goods,
00:45with Beijing hitting back with 125% duties on US shipments.
00:50These were scaled down after trade talks in Geneva in May.
00:54Last week, Trump told CNBC that two sides were very close to a trade agreement
00:58and that he would meet with Chinese President Xi Jinping before year-end if an agreement is reached.
Comments