President Donald Trump extended a pause of higher tariffs on Chinese goods for another 90 days into early November, stabilizing trade ties between the world’s two largest economies.
Prices of commodities like soybeans reacted with significant highs in the last hours. The tariff on beef will therefore remain at 32% until November, although this is not the main factor behind the sharp reduction in exports to this destination, but rather the suspension of the vast majority of plants.
Trump signed an order extending the truce through Nov. 10, deferring a tariff hike set for Tuesday, with “All other elements of the Agreement” remaining the same, according to Trump.
The extension will ease worries of a renewed tariff war and give the countries more time to discuss other unresolved issues, such as duties tied to fentanyl trafficking and American concerns about Chinese purchases of sanctioned Russian and Iranian oil, reported Bloomberg News.
