U.S., China extend tariff truce to November

The U.S. and China have extended their tariff truce by 90 days to November 10, just hours before new duties were set to take effect.

Transcript

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.