President Donald Trump on Monday extended a pause on tariffs against Chinese imports into the United States for another 90 days.
Tariffs were set to resume on China on Tuesday, but Trump signed an executive order to extend the tariff deadline until mid-November.
CNBC reported:
The delay was the expected outcome from the latest round of talks between U.S. trade negotiators and their Chinese counterparts, which took place in Stockholm in late July.
If the deadline were not extended, then U.S. duties on China would have shot back up to where they stood in April, when the tariff war between the world’s largest trading nations was at its peak.
During the tariff war between the U.S. and China, the 47th president increased Chinese tariff rates to 145 percent, while China had increased its tariffs on American goods to 125 percent.
Trump told reporters on Monday, “we’ll see what happens,” and added that the Chinese have “been dealing quite nicely — the relationship is very good with President Xi and myself.”
Chinese Foreign Ministry spokesperson Lin Jian said in a statement on Monday that “we hope that the U.S. will work with China to follow the important consensus reached during the phone call between the two heads of state,” referring to the June phone call between Trump and Chinese leader Xi Jinping.
On Sunday, Trump said he wanted China to “quickly quadruple” its orders of American soybeans.
“This is also a way of substantially reducing China’s Trade Deficit with the USA,” he wrote on Truth Social.
Reports found that the Trump administration struck a deal with American chipmakers Nvidia and AMD to allow them to pay 15 percent of their revenues from chip sales in China to the U.S. government.
Sean Moran is a policy reporter for Breitbart News. Follow him on X @SeanMoran3.
Read the full article here