President Trump extended his tariff truce with China for 90 days, aiming to reach a permanent agreement. The truce, struck in June, keeps US tariffs on most Chinese goods at 55% in exchange for a commitment from Beijing to boost exports of rare earths. China also agreed to cap its own tariffs on US goods at 10% under the terms of the truce. Without the truce, the US would impose tariffs as high as 145% on Chinese goods. Trump agreed to scale back his tariffs on China after empty West Coast ports and stock market tumult.
Trump has extended a 90-day tariff truce with China.
