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U.S. and Chinese trade negotiators met in Stockholm, Sweden, late last month, leading both sides to expect the deadline to be extended. In May, following a meeting in Geneva, Switzerland, they first agreed to pause higher tariffs on each other’s goods.
Prior to these negotiations, Trump had threatened to impose 245 percent tariffs on Chinese goods, while China said it would raise its tariffs on U.S. goods to 125 percent. Currently, Chinese imports are subject to a 10 percent baseline tariff and an additional 20 percent due to alleged illegal fentanyl trading.
The new agreement will now expire on November 9 at 12:01 a.m., CNBC reported.
In comments to reporters on Monday, President Trump stated, “We’ll see what happens. They’ve been dealing quite nicely. The relationship is very good with President Xi and myself.” U.S. Trade Representative Jamieson Greer mentioned that they would discuss the possibility of an extension with the president if he desired it. China’s Vice Premier He Lifeng said in a statement, “A stable, healthy and sustainable China-U.S. economic and trade relationship serves not only the two countries’ respective development goals but also contributes to global economic growth and stability.”
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China is currently the U.S.’ third-largest trading partner after Mexico and Canada, according to year-to-date data from the United States Census Bureau in June. The U.S. imports a variety of products from China, including clothes, household items, computer chips, and electric vehicle batteries.
If action had not been taken to extend the deadline, tariffs on imports from China were expected to increase to where they stood in April.
