The United States and China announced an agreement this Monday under which both countries will extend the suspension of a substantial portion of their mutually applied tariffs for another three months, following a meeting between officials from Washington and Beijing in Stockholm, Sweden, on July 28 and 29.
“I just signed an executive order extending the tariff suspension on China for another 90 days. The remaining elements of the agreement will remain unchanged,” US President Donald Trump stated on the Truth Social network, referring to the corresponding order, which sets the new deadline for November 10.
In a joint statement from both governments, the world’s two largest economic powers detailed the terms of this agreement, forged at the meeting in Sweden between Chinese Vice Premier He Lifeng and, on the US side, Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.
The terms of this new extension replicate those signed in the first suspension, on May 12, also for a period of 90 days. It reduces tariffs on Chinese imports into the United States to 30 percent and levies on US products in China to 10 percent, compared to the tariffs of 145 percent and 125 percent, respectively, that had been announced until then.
