Trump extends pause on higher China tariffs to 9 November: reports
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The news: US President Donald Trump has signed an executive order extending a pause in higher tariffs on Chinese imports for 90 days, according to media reports citing an unnamed White House official.
Reuters reported the official said the deadline had been moved to 9 November, confirming earlier reports from CNBC that also cited an unnamed White House official.
The context: The truce, due to expire on 12 August, was agreed in May and reduced tariffs and eased export restrictions.
The extension follows July talks in Stockholm and allows time for further negotiations and a potential meeting between Trump and Chinese President Xi Jinping in late October.
Separately, Trump posted on social media on Monday (Tuesday morning AEST) that imports of gold will not face US tariffs. That followed a 31 July US Customs and Border Protection ruling that gold bars from Switzerland would be subject to Trump’s 39% reciprocal tariff on that country.
The ruling caused confusion in bullion markets and contributed to gold futures surging to a record high before falling after Trump’s announcement.
On Monday, gold futures fell 2.5% to USD3,404.70 an ounce after the announcement.
The sources: Reuters, Bloomberg, CNBC, Donald Trump
