U.S. President Donald Trump has extended the tariff truce with China for an additional 90 days, impacting future trade relations between the two largest economies.
Trump Signs Executive Order
President Donald Trump has signed an executive order extending the tariff truce with China, according to CNBC.
Details of the Agreement
Under the agreement, which was set to expire, both sides agreed to reduce bilateral tariffs and ease export restrictions on rare earth magnets and certain technologies.
Impact on International Relations
The extension helps stabilize trade relations between the U.S. and China and could pave the way for Trump to meet with Chinese President Xi Jinping during an international meeting in South Korea at the end of October.
The extension of the tariff truce with China indicates both parties' intentions to continue negotiations and avoid a renewed tariff war, positively affecting global financial markets.
