The president of the USA, Donald Trumpdecided to extend by or TROS 90 days the tariff truce with China, as reported on Monday the CNBC chain, citing White House fountainsa few hours after US tariffs on Chinese products return to three -digit rates.
The order followed a response without commitment to Trump to journalists about whether it would expand the lowest tariff rates one day after you urge Beijing to quadruple their American soybean purchases.
The tariff truce between Beijing and Washington expired on Tuesday, August 12. The order prevents US tariffs on Chinese products from shooting up to 145%while Chinese tariffs on US products were going to reach 125%, rates that would have given rise to a virtual commercial embargo.
“We will see what happens,” Trump said at a press conference, when asked how he planned to expand the deadline. “They have been trying quite well. The relationship is very good with President XI (Jinping) and with me.”
Imports from China are currently attached to tariffs of 30%, including a base rate of 10% and 20% in Fentanyl related tariffs imposed by Washington in February and March. China had matched the de -escalated, lowering its rate on US imports at 10%.
In May, both parties announced a truce in their commercial conflict after the conversations held in Geneva, Switzerland, agreeing a 90 -day period to allow new conversations.
At the end of July they met again in Stockholm, Sweden, but did not announce an agreement to extend the deadline.
Kelly Ann Shaw, High White House Trade official during Trump’s first mandate and now at Akin Gump Strauss Hauer & Feld, said she expected Trump to extend the “90 -day tariff distention” for another 90 days.
“It would not be a Trump -style negotiation if it weren’t until the end,” He said, adding that the president could also announce advances in other aspects of the economic relationship as a backdrop to grant the extension. “All the reason for the 90 -day pause in the first place was to lay the bases for broader negotiations and there has been a lot of noise, from soybeans to export controls and excess capacity during the weekend”he added.
Ryan Majerus, former United States trade official who now works at the King & Spalding law firm, welcomed the news satisfaction. “Without a doubt, this will reduce the anxiety of both parties while the conversations and the United States and China continue to reach a framework agreement in Autumn (Boreal). I am sure that investment commitments will be a factor in any potential agreement, and the extension gives them more time to try to solve some of the long -standing commercial concerns,”held.
The White House declined to comment beyond Trump’s statements. The Department of the Treasury and the Office of the United States Commercial Representative did not respond to the requests for comments.
The Treasury Secretary, Scott Besent, has said that Washington has the ingredients for an agreement with China and was “optimistic” on the way to follow.
Trump pressed to obtain additional concessions on Sunday, urging China to quadruple their soybean purchases, although analysts questioned the viability of any agreement of this type. Trump did not repeat the demand on Monday.
But Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China.
Source: Ambito
