US President Donald Trump extended a trade truce with China, stabilizing economic ties between the two superpowers for another 90 days.
Trump signed an executive order just hours before tariffs on Beijing were set to jump back to sky-high levels. During trade talks last month, negotiators failed to resolve broader sticking points on issues like rare earths and technology export controls.
Trump most recently called on China to buy more soybeans from the US, bringing fresh optimism that trade between the world’s largest economies could pick back up; Beijing’s exports to the US contracted in July for the fourth straight month, notching a 22% drop from a year earlier.
But Washington is weighing imposing tariffs over China’s purchases of Russian oil.