US, China extend tariff truce by 90 days, staving off surge in duties
Summary
The US and China have extended their tariff truce for 90 days, preventing a surge in import duties and allowing more time for trade negotiations ahead of the critical holiday season.
Key Points
- The US and China extended their tariff truce by 90 days, preventing sharp increases in tariffs on each other's goods.
- President Donald Trump signed an executive order suspending higher tariffs until November 10, maintaining a 30% tariff on Chinese imports and 10% on US imports from China.
- The extension provides relief to markets and allows retailers to prepare inventories for the year-end holiday season.
- Trade talks continue, with both sides seeking further concessions and a potential agreement before the year-end.
