US President Donald Trump has signed an executive order extending by 90 days the tariff truce with China, CNBC reported on Monday, removing the risk of an immediate escalation hours before the ceasefire was set to expire, but leaving trade relations fragile.
The decision, which CNBC said was confirmed by a White House official, follows two weeks of speculation and mixed signals from Washington, after negotiators from China and the US concluded trade talks in Stockholm, Sweden, on July 29.
Just ahead of the tariff-truce deadline, Trump urged China to quadruple its purchases of American soybeans – a major export to China.
“China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans,” he said in a social media post late on Sunday.
“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA. Rapid service will be provided. Thank you President XI,” Trump added.
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Canada, Brazil hardest hit as Trump unleashes new global tariff blitz
Canada, Brazil hardest hit as Trump unleashes new global tariff blitz
