The U.S. and China have extended their tariff truce for 90 days, avoiding triple-digit duties on each other’s goods and easing market concerns as Washington and Beijing continue talks on a broader trade agreement.
U.S. President Donald Trump announced on Monday that he had signed an executive order delaying higher tariffs on Chinese imports until 12:01 a.m. EST on 10 November, with all other terms of the current truce to remain in place. China’s Commerce Ministry issued a parallel order early Tuesday, also pausing its planned duties on U.S. goods for the same period.
According to Trump’s order, the U.S. continues discussions with Beijing to address what it calls the lack of trade reciprocity and related national security concerns. The extension was agreed just hours before the existing truce was due to expire, preserving current tariffs of 30% on Chinese imports and 10% on U.S. imports. Without the deal, U.S. duties would have risen to 145% and Chinese tariffs to 125%, levels analysts said would have amounted to a de facto trade embargo.
The timing is critical for U.S. retailers stocking up ahead of the holiday season, helping keep costs down for electronics, clothing and toys. Markets reacted positively, with Asian stocks rising and regional currencies steady.
The current tariff pause stems from a May agreement in Geneva, when negotiators set a 90-day period for further talks. A follow-up meeting in Stockholm in late July resulted in a U.S. recommendation to extend the deadline.
Treasury Secretary Scott Bessent has repeatedly said triple-digit duties were unsustainable. Kelly Ann Shaw, a former White House trade official, told CNBC the extension fit Trump’s style of “negotiating right down to the wire.”
Beijing and Washington remain at odds over issues such as high-tech goods, agricultural purchases and fentanyl flows. Xu Tianchen of the Economist Intelligence Unit said both sides appear confident they can withstand the trade pressure, but neither benefits from a prolonged standoff.
China’s latest trade data showed exports to the U.S. fell 21.7% year-on-year in July, while shipments to Southeast Asia rose 16.6% as exporters sought alternative markets. The U.S. trade deficit with China shrank to its lowest in more than two decades in June.
Ryan Majerus, a former U.S. trade official, said the extension buys both countries “time to work through long-standing concerns” ahead of a potential framework deal this autumn. Washington has also been pressing Beijing to reduce imports of Russian oil as part of its wider foreign policy objectives.
Iran’s armed forces are prepared to “immediately and powerfully” respond to any U.S. attack, Foreign Minister Seyed Abbas Araghchi said, as Amer...
“The decision is made that the Qamishli air base is not needed anymore,” political analyst Dmitry Bridzhe said, as Russia begins withdrawing force...
The 27 European Union member states have approved €20 million (approximately $23.3 million) in assistance for Armenia from the European Peace Faci...
“For some weeks now, we have been seeing with increasing clarity the emergence of a world of great powers,” German Chancellor Friedrich Merz said ...
Kazakhstan lost around 3.8 million tonnes of oil exports following an attack on facilities of the Caspian Pipeline Consortium (CPC), Energy Minister Y...
Iran’s armed forces are prepared to “immediately and powerfully” respond to any U.S. attack, Foreign Minister Seyed Abbas Araghchi said, as American military assets arrived in the Middle East amid renewed tensions over Tehran’s nuclear program.
“The decision is made that the Qamishli air base is not needed anymore,” political analyst Dmitry Bridzhe said, as Russia begins withdrawing forces from its facility in northeastern Syria amid shifts in the country’s political and security landscape.
“For some weeks now, we have been seeing with increasing clarity the emergence of a world of great powers,” German Chancellor Friedrich Merz said on Thursday (29 January), declaring that Europe had found “self-respect” in standing up for a rules-based global order.
Kazakhstan lost around 3.8 million tonnes of oil exports following an attack on facilities of the Caspian Pipeline Consortium (CPC), Energy Minister Yerlan Akkenzhenov said, stressing that it is still too early to assess the losses in monetary terms.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Residents in Syria’s Kurdish-majority city of Qamishli have stepped up volunteer patrols amid growing pressure from the country’s Islamist-led government, expressing deep mistrust of Damascus despite a fragile U.S.-backed ceasefire.
Liverpool confirmed direct qualification to the UEFA Champions League round of 16 with a 6-0 win over Qarabağ at Anfield in their final league-phase match. Despite the setback, Qarabağ secured a play-off spot, with results elsewhere going in the Azerbaijani champions’ favour on the final matchday.
Iraq's former Prime Minister Nouri Al-Maliki said on Wednesday that he rejects U.S. interference in Iraq's internal affairs, after U.S. President Donald Trump threatened to cut off support to the country if Maliki was picked as prime minister.
Syrian President Ahmed al-Sharaa stressed to U.S. President Donald Trump in a phone call on Tuesday the importance of unifying international efforts to prevent the return of "terrorist groups", including Islamic State.
“For some weeks now, we have been seeing with increasing clarity the emergence of a world of great powers,” German Chancellor Friedrich Merz said on Thursday (29 January), declaring that Europe had found “self-respect” in standing up for a rules-based global order.
Colombian authorities on Wednesday (28 January) located a missing plane carrying 15 people in the northeast of the country, with no survivors found, an Air Force source and local media said.
Chinese authorities say they've carried out capital punishment against a group of individuals tied to notorious telecommunications fraud syndicates operating across the southern border, according to state news agency Xinhua.
Prime Minister Sanae Takaichi's Liberal Democratic Party is likely to increase its number of parliamentary seats and gain a majority in the lower house, a preliminary survey by the Nikkei newspaper showed on Thursday (29 January).
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 29th of January, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment