Trump extends China tariff truce by 90 days

Just hours before the deadline, President Donald Trump signed an executive order extending the U.S.–China tariff truce for 90 days, keeping current rates at 30% for Chinese goods and 10% for U.S. exports. Without the extension, tariffs would have jumped to 145% and 125% respectively.

The move eases fears of a renewed trade war and gives both nations more time to address unresolved disputes, from fentanyl trafficking to U.S. corporate activity in China. Trump also confirmed no tariffs will be imposed on gold imports, calming markets.

China, facing a soybean shortage, is under pressure from Washington to boost purchases. The trade talks are also linked to geopolitics, including China’s oil trade with Russia. The U.S. has already imposed a 25% tariff on India for buying Russian oil and may do the same with Beijing.

The truce includes partial easing of restrictions on rare earth exports and some technologies. In a separate deal, chipmakers Nvidia and AMD gained licenses to sell certain AI semiconductors to China, in exchange for paying the U.S. government 15% of Chinese sales. Trump suggested possible future deals involving Nvidia’s upcoming Blackwell chips, which would be less powerful than U.S. versions

Chiara Cavagna