WASHINGTON - President Donald Trump extended a tariff deadline on Chinese goods by another 90 days less than 24 hours until the new trade ‘doomsday’ hit.
He reportedly signed an executive order to pause a scheduled hike as talks between China and the United States continue.
The president signed an executive order to postpone the tariff deadline, according to a report from CNBC citing a White House official one day before it was scheduled to snap into place.
Currently, Chinese imports are subject to the president’s 10 per cent baseline tariffs with an additional 20 per cent tariff.
The president threatened a massive 245 per cent tariff on Chinese goods in April, but has extended it as long as talks and negotiations continue.
United States and Chinese officials spent two days in Stockholm in late July emerging in a settlement to extend the ongoing trade ‘truce’ between both countries.
‘‘They’ve been dealing quite nicely — the relationship is very good with President Xi and myself,’’ Trump said.
The new deadline is set for early November.
‘‘Tariffs are making our country strong and rich!!!’’ Trump boasted on social media on Monday.
President Trump and Chinese President Xi Jinping are also in talks to meet to wrap up trade talks and set a deal as negotiations continue.
The two leaders last spoke on the phone in June.
Both sides are optimistic that they can wrap up talks in late October, according to Treasury Secretary Scott Bessent in an interview with Nikkei Asia. Trump continues using tariffs to force foreign countries into negotiations, even as some of the deadlines keep getting extensions depending on whether progress is made.
Tariffs on over 60 countries went into effect at midnight on August 7, following 18 weeks of tough negotiations.
Trump allowed tariffs on Canada to jump to 35 per cent, even as the president granted Mexico a 90-day extension. India now faces an additional 25 per cent tariff scheduled for August 27 on top of a 25 per cent tarrif set on August 1.
President Donald Trump and Chinese President Xi Jinping are also in talks to meet to wrap up trade talks and set a deal as negotiations continue. (Pic: Reuters)