President Trump extends China tariff deadline by 90 days

U.S. President Donald Trump
U.S. President Donald Trump has signed an executive order extending the suspension of high U.S. tariffs on Chinese goods for an additional 90 days, according to a White House official who spoke to CNBC. The order was signed just before midnight, as the previous tariff pause was due to expire. This extension follows recent negotiations between U.S. and Chinese trade representatives, held in Stockholm, Sweden, late last month.
Kevin Breuninger and Eamon Javers for CNBC:
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President Donald Trump has signed an executive order that will prevent high U.S. tariffs on Chinese goods from snapping back into effect for another 90 days, a White House official told CNBC on Monday afternoon.
If the deadline was 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.
The two sides had agreed to pause most of the tariffs on each other’s goods in May, after negotiators met for the first time in Geneva, Switzerland.
That 90-day pause was set to end Tuesday, prior to Trump signing the latest order to extend it.

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MacDailyNews Take: Hopefully, progress is being made in U.S.-China trade negotiations.

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