Washington
President Donald Trump on Monday extended the trade agreement with China for 90 days. At least once again, the conflict between the world’s two largest economies was postponed. Trump posted on his Truth social platform that he has signed an executive order for expansion. All other elements of the agreement will remain the same. The previous deadline was scheduled to end on Tuesday night at 12:01 pm.
US President Donald Trump signed an executive order on Monday (local time) to extend China’s tariff deadline for 90 days. The CNBC on Monday quoted a White House official as saying that the decision came in Beijing a few hours before the midnight time. When the last 90-day break period was about to end. Earlier on Monday, Trump had said that he was treating China very well because Beijing said that he wants positive results.
There is a history of increasing trade tension between the US and China. Where tariffs on each other’s products have reached prohibitive levels. In April, the US imposed a huge tariff of 145 percent on Chinese goods, while China retaliated and put 125 percent tariff on US products.
However, during a meeting in Geneva, Switzerland in May, the two countries agreed to temporarily reduce tariffs. The US reduced its tariffs from 145 percent to 30 percent. At the same time, China reduced its tariffs from 125 percent to 10 percent. But this break has come at a time when the conversation is still going on. When asked about the deadline on Monday, Trump said, ‘Let’s see what happens. They are working very well. Chinese President Xi Jinping and our relationship with me are very good.
A statement in this regard was released by Chinese Foreign Ministry spokesman Lin Gian. It said that there was a phone conversation between Trump and Jinping. Both will work together. He said that China also hopes that the US will strive for positive results on the basis of equality, respect and mutual benefits.
In June, major economic authorities met in London as differences emerged and US authorities accused their counterparts of violating the agreement. According to the report, policy makers held a meeting again in Stockholm last month. Although both countries seem to try to postpone the restoration of fees, American trade messenger Jemisson Greer said last month that the final decision on any such expansion would be of Trump.
