US President Donald Trump decided on Monday to extend the truce with Beijing on customs duties on 90 days, a few hours before the deadline to mark the end of commercial negotiations.
US President Donald Trump signed a decree in this direction, said a White House official on Monday, confirming CNBC information.
Committed to the spring in a commercial confrontation with exorbitant customs duties, Beijing and Washington had ended up concluding a 90 -day truce in May in Geneva.
>> Read also: China and the United States make the break in their trade war
Without agreement and without break, customs duties would have increased on Tuesday from 30 to 145% for Chinese exports to the United States, and from 10 to 125% for American imports.
“We’ll see”
Asked earlier Monday on a possible extension of the break, Donald Trump replied: “We will see”.
“They are negotiating rather very well. We have excellent relations with President XI (Jinping) and myself,” added the American leader.
Ryan Majerus, former American sales manager now working in the law firm King & Spalding, praised the news.
“This will undoubtedly reduce anxiety on both sides as the negotiations will continue and that the United States and China will work on a framework agreement for the fall.”
No comments at the White House
The White House refused to comment beyond Donald Trump’s words. The Treasury Department and the Office of the American Representative in Trade did not respond to interview requests.
US Treasury Secretary Scott Bessent said Washington had premiums in agreement with China and that he was “optimistic” as for the following.
Donald Trump wants even more
Donald Trump claimed additional concessions on Sunday, urging China to quadrup its soy purchases, although analysts have questioned the feasibility of such an agreement. He did not reiterate this request on Monday.
Washington also put pressure for Beijing to stop buying Russian oil by threatening to impose additional customs duties on China.
Agencies/CABs