US President Donald Trump signed an executive order extending the tariff truce with China for another 90 days, CNBC reported.
Under the agreement, which is expected to expire today, the two sides agreed to reduce bilateral tariffs and ease export restrictions on rare earth magnets and some technologies.
Trump’s move has helped stabilize trade relations between the world’s two largest economies. The agreement was set to expire, but the parties had reached a preliminary agreement to maintain the ceasefire during negotiations in Sweden last month.
The White House has yet to make an official statement on the matter, and Trump did not give a clear answer to reporters on Monday about whether he would extend the ceasefire.
The extension, which eases concerns about a renewed tariff war, eases tensions that could disrupt trade between the US and China. Tensions between Washington and Beijing had shaken global financial markets earlier this year.
The agreement could also pave the way for Trump to meet with Chinese President Xi Jinping during an international meeting in South Korea at the end of October.
Earlier this year, Trump increased tariffs on Chinese goods, and China retaliated.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-donald-trump-extends-deadline-for-tariffs-on-china-for-90-days/