President Donald Trump delayed the return of steep tariffs on Chinese goods, signing an executive order that pushes the deadline back by 90 days, CNBC reported Aug. 11.
The tariffs were set to revert to peak levels from April with U.S. duties on Chinese imports at 145% and a 125% tariff on U.S. goods. However, the duties will now remain at reduced levels until mid-November, a White House official told CNBC.
In May, China and the U.S. reached an agreement to deescalate, with the U.S. reducing tariffs to 30%, while China lowered its tariffs on U.S. goods to 10%.
On Aug. 10, President Trump also called on China to “quickly quadruple” its orders of U.S. soybeans, saying it would help narrow the trade deficit, the report said.
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