US President Donald Trump has signed an executive order extending a tariff pause between the US and China for another 90 days.
Trump announced this on Tuesday night Danish time on his social media, Truth Social, after an unnamed White House official made the same announcement on Monday night.
China's Foreign Ministry confirmed in a statement on Tuesday night that the tariff pause between the two countries will be extended by 90 days.
The tariff pause was scheduled to expire on Tuesday. It was introduced in May as a temporary arrangement that was to apply until a new trade agreement between the two countries was negotiated.
Although it is described as a "tariff pause", the US and China have not been spared tariffs during the period. The tariffs on imported goods have simply been significantly lower than the rates that the countries imposed earlier this spring.
The US has imposed a 30 percent tariff on Chinese goods, while China has imposed a 10 percent tariff on American goods. The tariffs will remain at this level during the extension of the so-called tariff break.
Trump sent shockwaves through the financial markets when he announced in April that he would impose increased tariffs on goods from a wide range of countries. He ended up imposing a total of 145 percent tariff on imported goods from China, which was the country hit by the highest US tariffs.
China responded with tariffs of 125 percent on American goods.
Several countries hit by tariffs
On August 7, new US tariffs came into effect for more than 60 countries and territories. They affect, for example, India, Switzerland and Taiwan. The US tariffs for the more than 60 countries and territories range from 10 to 41 percent. Like China, the affected countries have been included in a tariff pause that postponed significant increases in the current tariffs.
According to Trump, the purpose of the tariff pauses has been to give the countries time to negotiate trade agreements with the United States. For some countries and territories, the tariffs are lower than when Trump first announced tariff increases in April, while countries such as India and Switzerland are being hit by higher tariffs than initially announced.
At the end of July, the EU and the US signed a trade agreement that means that exports from the EU will initially be subject to a 15 percent tariff in the US.
/ritzau/
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