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Investing.com-- U.S. President Donald Trump on Monday evening confirmed he had signed an executive order extending a recent trade truce with China by 90 days, entailing relatively lower trade tariffs against the country.
A host of media reports earlier in the day said Trump was set to authorize the extension, as Washington and Beijing were unable to reach a permanent trade truce by Trump’s August 12 deadline.
Trump said all other elements of a framework trade deal with China will remain unchanged.
The U.S. and China had in May and June agreed to slash their respective tariffs, albeit temporarily, amid a deescalation in their bitter trade war.
Trump had set a 90-day period to reach a permanent trade deal with China.
The U.S. President was recently seen calling on Beijing to quadruple its purchases of U.S. soybeans.
Earlier, the U.S. relaxed some restrictions on the export of chip technology to China, while Beijing resumed its export of critical rare earth minerals to the United States.
But both countries still hold tariffs of between 30% and 50% on each other.