Trump Extends Trade Truce With China For 90 Days, Beijing Follows

The US and China on Monday extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods as US retailers get ready to ramp up inventories ahead of the critical end-of-year holiday season.

- AGENCIES

US President Donald Trump announced on his Truth Social platform that he had signed an executive order suspending the imposition of higher tariffs until 8:01 a.m. Saudi time on November 10, with all other elements of the truce to remain in place.

China's Commerce Ministry issued a parallel pause on extra tariffs early on Tuesday, also postponing for 90 days the addition of US firms it had targeted in April to trade and investment restriction lists.

"The United States continues to have discussions with the PRC to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns," Trump's executive order stated, using the acronym for the People's Republic of China.

"Through these discussions, the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the US relating to economic and national security matters."

The tariff truce between Beijing and Washington had been due to expire on Tuesday at 7:01 a.m. Saudi time. The extension until early November buys crucial time for the seasonal autumn surge of imports for the Christmas season, including electronics, apparel and toys at lower tariff rates.