US President Donald Trump on Tuesday announced that he would extend the tariff suspension deadline on China for another 90 days.
Taking to Truth Social, he said, “I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days. All other elements of the Agreement will remain the same. Thank you for your attention to this matter! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES OF AMERICA.”
Imports from China are currently subject to a 30% U.S. tariff — a 10% base rate plus an additional 20% fentanyl-related duty introduced in February and March. In retaliation, China has cut its tariffs on American goods to 10%.
The two countries agreed in May, during talks in Geneva, to a 90-day truce to allow more negotiations. Although further discussions took place in Stockholm in July, no extension was announced until Trump’s order on Monday.
U.S. Treasury Secretary Scott Bessent voiced optimism, saying, “Washington has the makings of a deal with China.”
Meanwhile, Trump also said that US tariffs on Indian oil imports from Russia a ‘big blow’ to Moscow.
Trump explained while addressing a press conference at White House, “I think Russia has to get back into building their country. It’s a massive country… They have tremendous potential in Russia to do well. They’re not doing well. Their economy is not doing well right now because it’s been very well disturbed by this,” Doesn’t help when the President of the United States tells their largest or second-largest oil buyer that we’re putting a 50% tariff on you if you buy oil from Russia. That was a big blow.”
The United States has slapped 25 per cent reciprocal tariffs on India, along with an additional 25 per cent levy on its purchases of Russian oil, resulting in a total of 50 per cent duties.