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Higher Tariff on Chinese Imports Paused for 90 Days, Trump Says
President Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
In an executive order issued Monday, President Donald Trump extended the pause on higher tariffs on Chinese imports for another 90 days.
Washington, D.C.—President Donald Trump has delayed higher tariffs on goods from China for another 90 days.
In an executive order issued Monday, Trump extended the truce deadline to November, prolonging the delay just hours before the initial pause was set to expire on Tuesday.
The U.S. and China had reached a temporary deal in May to lower the tariffs for 90 days while negotiations took place.
The countries tentatively settled on a 30 percent tax on Chinese goods (including goods from Hong Kong) imported to the U.S. and a 10 percent tax on U.S. imports to China.
Notably, the current 30 percent tariff on Chinese goods is assessed in addition to whatever pre-existing 301 tariffs importers already are paying on the goods they bring in from China.
If the pause on higher tariffs had not been extended, the tariff on Chinese goods imported to the U.S. and vice versa would have returned to their peak levels in April.
At that time, Chinese imports were subject to a 145 percent tariff with a retaliatory 125 percent duty on U.S. goods in China.
China's Commerce Ministry issued a parallel pause on extra tariffs Tuesday, according to a Reuters report, noting representatives for the two countries met in Stockholm, Sweden, in late July to continue talks.
“The 90-day pause with China is giving a brief sigh of relief from wholesalers and retailers in the U.S., as a tariff of 145 percent would be difficult to handle,” said Jewelers of America President and CEO David Bonaparte.
“China is the world’s leading producer of freshwater pearls, and many U.S. wholesalers and retailers source pearls as well as other products from China. We remain hopeful for a negotiated better deal. We continue to work with our legislative team in Washington, D.C. on tariffs and other issues affecting our members.”
The U.S. jewelry industry is also up against a 50 percent tariff on goods imported from India, where the majority of the world’s diamonds are cut and polished.
The extension to early November will also allow U.S. retailers to stock up just ahead of the holiday season.
Related stories will be right here …
In an executive order issued Monday, Trump extended the truce deadline to November, prolonging the delay just hours before the initial pause was set to expire on Tuesday.
The U.S. and China had reached a temporary deal in May to lower the tariffs for 90 days while negotiations took place.
The countries tentatively settled on a 30 percent tax on Chinese goods (including goods from Hong Kong) imported to the U.S. and a 10 percent tax on U.S. imports to China.
Notably, the current 30 percent tariff on Chinese goods is assessed in addition to whatever pre-existing 301 tariffs importers already are paying on the goods they bring in from China.
If the pause on higher tariffs had not been extended, the tariff on Chinese goods imported to the U.S. and vice versa would have returned to their peak levels in April.
At that time, Chinese imports were subject to a 145 percent tariff with a retaliatory 125 percent duty on U.S. goods in China.
China's Commerce Ministry issued a parallel pause on extra tariffs Tuesday, according to a Reuters report, noting representatives for the two countries met in Stockholm, Sweden, in late July to continue talks.
“The 90-day pause with China is giving a brief sigh of relief from wholesalers and retailers in the U.S., as a tariff of 145 percent would be difficult to handle,” said Jewelers of America President and CEO David Bonaparte.
“China is the world’s leading producer of freshwater pearls, and many U.S. wholesalers and retailers source pearls as well as other products from China. We remain hopeful for a negotiated better deal. We continue to work with our legislative team in Washington, D.C. on tariffs and other issues affecting our members.”
The U.S. jewelry industry is also up against a 50 percent tariff on goods imported from India, where the majority of the world’s diamonds are cut and polished.
The extension to early November will also allow U.S. retailers to stock up just ahead of the holiday season.
Jewelers Vigilance Committee CEO and General Counsel Sara Yood said she was glad that JVC members doing business in China would have more time to make adjustments.
A moment of stability would be welcome amid the current uncertainty, she said.
“The volatility of the tariff rates makes it exceedingly difficult for long-term planning; an extension—and the resultant, albeit temporary, stability—may help businesses navigate this challenging environment,” she said.
The evolving tariff situation has led to confusion and instability for many business owners as they try to plan their next move.
The reciprocal tariffs, introduced in early April, were soon after paused and then delayed several times before going into effect with some adjustments.
In a Truth Social post Monday, Trump suggested that China could reduce its trade deficit with the U.S. through more soybean orders.
“China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders,” he said.
While there have not been reports of China placing more soybean orders, the price of soybeans did rise after Trump’s post.
“The United States continues to have discussions with the [People’s Republic of China] to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns,” said Trump in the executive order.
“Through these discussions, the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters.”
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