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US President Donald Trump extended his tariff ceasefire for another 90 days, according to US media.
Trump reportedly signed an executive order on Monday, hours before the final deal between the two biggest economies in the world, and was due to delay the implementation of his sweeping tariffs by the same period when it was initially suspended.
Previous contracts were set to expire just after midnight on Tuesday. New orders prevent tariffs on Chinese goods entering the US from shooting up to 145%.
Earlier in the day, Beijing expressed its hope that Washington would seek “active trade achievements” on Monday, the last day of the 90-day detente reached between the two countries in May.
“We hope that the US will work with China to follow the important consensus reached during the call between heads of state and strive for positive outcomes based on equality, respect and mutual interest,” Foreign Ministry spokesman Lyn Zian said in a statement.
But Trump grew uncertainty and when asked about Beijing’s deadline, he said, “See what happens.”
But Trump has got a glimpse of his optimism that his tariffs may not be enforced, as he said “China has been dealt with fairly well.” He also praised Chinese counterpart Xi Jinping, noting that their relationship was “very good.”
Last month, the Chinese and US officials met in Stockholm to host another round of trade agreements. Following the meeting, authorities said the tariff ceasefire is expected to be extended.
US Treasury Secretary Scott Bescent said last week that the US “produces” a deal with China, but negotiations were still needed to fine-tune the framework and agree to the details.
US-China trade contracts could have devastating economic impacts on the whole world. The US threatens to involve Chinese products in a 245% adjustment. China is retaliating with its own set of tariffs, which is set at 125% in advance.
The fierce tariff war between the two great powers rattled global stock markets and raised fears that a world trade war could erupt.
The two countries, which combined a total of $50 billion (43 billion euros) of GDP in 2024, will continue to talks over the next 90 days.
According to US media, White House officials familiar with the issue say they are optimistic.