Donald Trump once again postpones massive tariffs ChinaA further 90-day pause was announced ahead of the last agreement between the world’s two largest economies, with an announcement about expiration.
Trump signed an executive order on Monday extending deadline for higher tariffs China Until November 10, officials confirmed to Reuters.
Chinese officials said earlier in the day 90 Days of Detente The expiration arrives between the two countries in May.
China’s Commerce Department said in a statement earlier Tuesday that additional tariffs on U.S. goods will be suspended after Trump signed an executive order to expand a tariff truce.
China will maintain its tariffs on U.S. goods at 10% and take action to deal with non-tariff barriers facing U.S. products, the statement said.
“We hope the United States will work with China to follow the important consensus reached on the phone call between the two heads of state … and to achieve positive results based on equality, respect and reciprocity rates,” Foreign Ministry spokesman Lin Jian said in a statement earlier Monday.
Chinese and U.S. officials say they Expected The pause will be extended after the latest round of trade talks held in Stockholm last month. Treasury Secretary Scott Bessent said last week that the United States had reached a “constitution” of a trade agreement with China and he was optimistic about the path forward.
Failure to reach an agreement will have significant consequences. Trump threatened to impose a retaliatory tariff of up to 245% on China, and China threatened to impose a 125% retaliatory tariff, triggering a trade war between the world’s largest economies.
Trump Posted The fact that China should buy soybeans from the United States to help reduce the trade deficit between the United States and China is four times that of China.
Currently, the U.S. exports to China are about 30%, the baseline tariffs for imports from China are 10%, and the additional tariffs are 20%. Accusation Oppose China. Some products are taxed at higher tax rates. The tariffs on U.S. exports to China are about 30%
The Fed and many economists believe that tariffs will push up prices in the United States. Goldman Sachs Strategist calculate By June 2025, U.S. consumers have absorbed 22% of tariffs. If the recent tariffs follow the same pattern as earlier, that share is expected to rise to 67%.
Before the tariff deadline, chip manufacturers Nvidia and AMD agree Pay 15% of its revenue to the U.S. government from premium chips sold to China in exchange for export licenses to the market.
Stephen Olson, former U.S. trade negotiator, Tell Bloomberg The deal is: “What we’re seeing is actually the monetization of U.S. trade policy, and U.S. companies have to pay the U.S. government export license. If so, we’ve entered a new and dangerous world.”
Associated Press and Reuters contribute to the story
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