FX.co ★ Trump Extends Tariff Truce with China into November

U.S. President Donald Trump has announced a 90-day extension to the tariff truce with China, effectively postponing significant duty increases as retailers gear up for the holiday shopping season. The executive order, signed on Monday, defers the implementation of higher tariffs until mid-November. Currently, U.S. tariffs on Chinese imports remain at 30%, while Chinese tariffs on U.S. goods are at 10%. Without this extension, these rates would have surged to 145% and 125%, respectively, potentially leading to a situation akin to a trade embargo. The temporary reprieve ensures more manageable tariff levels on seasonal imports such as electronics, clothing, and toys. Additionally, on Sunday, Trump urged China to increase its purchases of U.S. soybeans fourfold, although no formal agreement has been reached. "We’ll see what happens," Trump remarked to reporters, highlighting his "good relationship" with Chinese President Xi Jinping.