U.S. pause on higher tariffs for China set to expire. What to know
Global News
After the most recent round of China-U.S. trade talks, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days.
A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended.
After the most recent round of China-U.S. trade talks, held late last month in Stockholm, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days. The U.S. side said the decision was up to President Donald Trump. So far there has been no formal announcement about whether he will endorse an extension or push ahead with the higher tariffs.
The uncertainty has left businesses in limbo and a decision to raise the import duties could jolt world markets.
Trump has repeatedly shifted deadlines and tariff rates, and neither side has indicated what it plans for Tuesday. Extending the Aug. 12 deadline for reaching a trade agreement with China would forestall earlier threats of tariffs of up to 245 per cent.
Treasury Secretary Scott Bessent said Trump was deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50 per cent, including extra import duties related to illicit trade in the powerful opiate fentanyl.
Higher tariffs are aimed at offsetting the huge, chronic U.S. trade deficit with China, which hit a 21-year low in July as the threat of tariffs bit into Chinese exports.
It’s not unusual for the U.S. to give hints on where talks stand, but it’s rare for China to make announcements until major decisions are set. So far, Beijing’s refrained from commenting ahead of Tuesday’s deadline.
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