The United States and China have extended their tariff truce for another 90 days, staving off triple-digit duties on each other's goods as U.S. retailers get ready to increase inventories ahead of the critical end-of-year holiday season.
U.S. President Donald Trump announced on his Truth Social platform that he had signed an Executive Order suspending the imposition of higher tariffs until 12:01 a.m. on November 10, with all other elements of the truce to remain in place.
China's Commerce Ministry issued a parallel pause on extra tariffs, also postponing for 90 days the addition of U.S. firms it had targeted in April to trade and investment restriction lists.
The new order prevents U.S. tariffs on Chinese goods from shooting up to 145%, while Chinese tariffs on U.S. goods were set to hit 125% - rates that would have resulted in a virtual trade embargo between 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%.
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