Trump announces another 90-day pause on China tariffs | Trump tariffs
Donald Trump once again delayed the application of sweep tariffs in China, and announced a 90 -day pause only hours before the last agreement between the world’s largest economies.
On Monday, Trump signed an executive order for higher tariffs in China until November 10, and confirmed the authorities Reuters.
Chinese officials said they hoped for the “positive” trade results on Monday due to the end of the 90 -day detete, which the United States reached between the two countries in May early in the day, on Monday.
The Chinese Ministry of Commerce said in a statement on Tuesday, Trump’s order of execution that expands the tariff ceasefire after signing an executive order that will suspend 90 days for US goods.
In a statement, China will protect its tariffs on US goods by 10%and will take action to address non -tariff barriers faced by American products.
An external Minister Lin Jian, said in a statement on Monday, “We hope that he will work with China to follow the important unity of consensus reached during the telephone conversation between the two presidents of the US and will strive for positive results on the basis of equality, respect and mutual benefit,” he said.
Chinese and US officials expected The pause to be extended after the latest trade talks in Stockholm last month. US Treasury Secretary Scott Bessent said last week that the US had a “construction verilen with China and was optimistic about a forward way.
Not to reach an agreement will have great consequences. Trump threatened tariffs on China up to 245%, and China launched a trade war among the world’s largest economies and threatened 125%retaliation tariffs.
Trump on Sunday published On the fact that he must four times the purchases of soybeans from China to help reduce the trade deficit between China and China.
Currently, the US exports to the US are subject to approximately 30% tariffs with 20% extra tariffs in response to fentanyl smuggling in response to fentanyl smuggling. allegations Against China. Some products are taxed at higher rates. Exports to the USA is subject to approximately 30% tariffs
Federal reserves and many economists argued that tariffs will increase prices in the US. Goldman Sachs Strategists calculate US consumers absorbed 22% of tariff costs by June 2025. If the latest tariffs follow the same pattern as the previous pattern, this share is expected to rise to 67%.
Before the tariff deadline, Chipmakers Nvidia and AMD agreed to pay 15% of their revenues to the US government from advanced chips sold to China in exchange for export licenses.
Stephen Olson, a former US commercial negotiator Told to Bloomberg The agreement said: “What we see is that the US trade policy that US companies should pay for the export permission of US companies. If that’s the case, we’ve entered a new and dangerous world.”
Associated Press and Reuters contributed to this story
