10
Loading video...
By Jenna Sundel and Gabe Whisnant
0
Share
Newsweek is a Trust Project member
See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.
President Donald Trump has signed an executive order granting a 90-day extension to the China tariff deadline, CNBC reported Monday, citing a White House official.
Before the extension was granted, the pause was expected to end on Tuesday.
...
Read More on Politics
Why It Matters
If action had not been taken to extend the deadline, tariffs on imports from China were expected to increase to where the rates stood in April.
China is the United States' third-largest trading partner after Mexico and Canada, according to year-to-date United States Census Bureau data from June. The U.S. imports a variety of products from China, including clothes, household items, computer chips and electric vehicle batteries.
China Tariff Extension: What We Know
The reported extension comes after U.S. and Chinese trade negotiators met in Stockholm, Sweden, late last month. U.S. and Chinese officials said they expected the deadline to be extended following the meeting.
Both sides first agreed to pause higher tariffs on each other's goods in May after a meeting in Geneva, Switzerland.
Prior to the negotiations, Trump had threatened to impose tariffs of 245 percent on Chinese goods. China said it would raise its tariffs on U.S. goods to 125 percent.
Currently, Chinese imports are subject to a 10 percent baseline tariff and an additional 20 percent related to China's alleged failure to address illegal fentanyl trading.
What is the New China Tariff Deadline?
The new agreement would now expire on November 9 at 12:01 a.m., CNBC Washington correspondent Megan Cassella said on X.
What People Are Saying
President Donald Trump, in comments to reporters on Monday when asked how he planned to extend the deadline: "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself."
U.S. Trade Representative Jamieson Greer, talking about the possibility of an extension to the trade agreement between the U.S. and China at a press conference last month: "We're going to head back to Washington and we're going to talk with the president if that's something he wants to do."
China's Vice Premier He Lifeng, in a statement from China's Ministry of Commerce last month: "A stable, healthy and sustainable China-U.S. economic and trade relationship serves not only the two countries' respective development goals but also contributes to global economic growth and stability."
This article includes reporting by the Associated Press.
Do you have a story that Newsweek should be covering? Do you have any questions about this story? Contact LiveNews@newsweek.com.
View 0 Comments
Submit Correction
View Editorial & AI Guidelines