Trump delays China tariff hike for another 90 days

President Trump on Monday signed an executive order delaying a set of sky-high tariffs on Chinese goods for at least 90 days, extending a ceasefire in the U.S.-China trade war, the White House announced.

The president's order will keep tariffs at 30% — the level that was set in mid-May, when both countries agreed to temporarily back off a set of tit-for-tat tariffs that exceeded 100%. That agreement was set to expire Tuesday, and without an extension, levies on some Chinese goods could have leaped to at least 80%, U.S. Trade Representative Jamieson Greer has said.

The order says the U.S.'s "reciprocal" tariff on Chinese goods will remain at 10% until at least Nov. 10. An additional 20% tariff on China that was imposed earlier this year due to fentanyl trafficking is also still in place, bringing the total rate to 30%.

China's Commerce Ministry said in a statement it will maintain a 10% tariff on U.S. goods.

"The United States and China have engaged in multiple rounds of productive negotiations to address trade reciprocity and national security concerns," the White House said in a fact sheet announcing the extension.

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