China’s Commerce Ministry on Tuesday extended its trade truce with the U.S. by 90 days, just hours after President Donald Trump signed an executive order doing the same.
The Commerce Ministry said in a statement that it will suspend imposing additional tariffs on U.S. goods for 90 more days.
China’s Commerce Ministry also said that it will work towards reducing non-tariff barriers to American companies, and will postpone adding some U.S. firms to its unreliable entity and export control lists by 90 days.
The move will see the world’s biggest economies keep relatively lower tariffs in place against each other until November 10, and will also keep in place a recent reopening in U.S. chip exports and Chinese rare earths.
U.S. tariffs on China will remain between 30% and 50%, while Chinese tariffs on U.S. goods will be around 10% to 20%. The two had agreed in May to slash their tariff levels from over 100%.
Source :
https://www.investing.com/news/economy-news/china-extends-us-trade-truce-by-90-days-after-trump-order-on-the-same-4184064
