Donald Trump<\/a>\u00a0extended a\u00a0tariff\u00a0truce with\u00a0China\u00a0by another 90 days\u00a0on Aug. 11, a White House official said, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season.<\/p>\nTrump signed an executive order delaying the start of higher tariffs until mid-November, shortly after giving\u00a0reporters\u00a0a noncommittal answer when asked\u00a0at a news conference\u00a0if he planned to keep the lower tariff rates in place.\u00a0On Aug. 10, Trump demanded\u00a0China\u00a0quadruple its purchases of U.S. soybeans, but it remained unclear whether Beijing had agreed.<\/p>\n
The tariff truce between Beijing and Washington had been due to expire on Aug. 12 at 12:01 a.m. ET. The timing of 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.<\/p>\n
The new order prevents U.S. tariffs on Chinese goods from shooting up to 145%,\u00a0while\u00a0Chinese tariffs on U.S. goods\u00a0were\u00a0set to hit 125% – rates that would have resulted in a virtual trade embargo\u00a0between the two countries. It locks in place, at least for now, a 30% tariff on Chinese imports, with Chinese duties on U.S. imports at 10%.<\/p>\n
“We’ll see what happens,” Trump told a news conference earlier on Aug. 10, highlighting what he called his good relationship with Chinese President Xi Jinping.<\/p>\n
“It’s positive news. Combined with some of the de-escalatory steps both the\u00a0United States\u00a0and\u00a0China\u00a0have taken in recent weeks, it demonstrated that both sides are trying to see if they can reach some kind of a deal that would lay the groundwork for a Xi-Trump meeting this fall,” said Wendy Cutler, a former senior U.S. trade official who is now a vice president at the Asia Society\u00a0Policy Institute.<\/p>\n
Trump told CNBC last week that the U.S. and\u00a0China\u00a0were\u00a0getting very close to a trade agreement and he would\u00a0meet with Xi\u00a0before the end of the year if a deal was struck.<\/p>\n
Trade ‘detente’ continued<\/p>\n
The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden, in late July, and U.S. negotiators returned to Washington with a recommendation that Trump extend the deadline.<\/p>\n
Treasury Secretary Scott Bessent has said repeatedly that the triple-digit import duties both sides slapped on each other’s goods in the spring were untenable and had essentially imposed a trade embargo between the world’s two largest economies.<\/p>\n
“It wouldn\u2019t be a Trump-style negotiation if it didn\u2019t go right down to the wire,” said Kelly Ann Shaw, a senior White House trade official during Trump’s first term and now with\u00a0law firm\u00a0Akin Gump Strauss Hauer & Feld.<\/p>\n
She said Trump had likely pressed\u00a0China\u00a0for further concessions before agreeing to the extension. Trump pushed for additional concessions on Aug. 10, urging\u00a0China\u00a0to\u00a0quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. Trump did not repeat the demand on Aug. 11.<\/p>\n
“The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations and there\u2019s been a lot of noise about everything from soybeans to export controls to excess capacity over the weekend,”\u00a0Shaw\u00a0said.<\/p>\n
Ryan Majerus, a former U.S. trade official now with the King & Spalding law firm, said the news would give both sides more time to work through longstanding trade concerns.<\/p>\n
“This will undoubtedly lower anxiety on both sides as talks continue, and as the U.S. and\u00a0China\u00a0work toward a framework deal in the fall,” he said.<\/p>\n
Imports from\u00a0China\u00a0early this year had surged to beat Trump’s tariffs, but\u00a0dropped steeply\u00a0in June, Commerce Department data showed last week. The U.S. trade deficit with\u00a0China\u00a0tumbled by roughly a third in June to $9.5 billion, its narrowest since February 2004. Over five consecutive months of declines, the U.S. trade gap with\u00a0China\u00a0has narrowed by $22.2 billion – a 70% reduction from a year earlier.<\/p>\n
No formal announcement was immediately released. The Treasury Department and the U.S. Trade Representative’s Office did not respond to requests for comment.<\/p>\n
Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on\u00a0China.<\/p>\n
(Reporting by Trevor Hunniccutt and Andrea Shalal; Editing by Bernadette Baum, Rod Nickel and Nia Williams)<\/p>\n","protected":false},"excerpt":{"rendered":"The executive order staves off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year…\n","protected":false},"author":2,"featured_media":76067,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[23404,23,25246,144,14804,12,15606,13962,26893,7231,4624,36677,38037,53937,13545,13558,53938,3,20724,26912,111,22217,79,22620,13546,759,447,40614,3479,13692,21206,21,19,22,20,25,24,34787,333,23405,53936,6132],"class_list":["post-76066","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-states","tag-presidential","tag-america","tag-branch","tag-china","tag-donald","tag-donald-trump","tag-executive","tag-executive-branch","tag-export","tag-house","tag-import","tag-import-tariffs","tag-import-u0026-export","tag-jinping","tag-modular","tag-modular-story","tag-n4n-politics","tag-news","tag-political","tag-political-science","tag-politics","tag-residence","tag-science","tag-states","tag-story","tag-tariffs","tag-trade","tag-trade-wars","tag-trump","tag-u0026","tag-united","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa","tag-wars","tag-white","tag-white-house-presidential-residence","tag-xi","tag-xi-jinping"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/76066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=76066"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/76066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/76067"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=76066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=76066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=76066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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