After US President Donald Trump signed an executive order on Monday extending the deadline for higher tariffs on China until November 10, the Chinese Ministry of Commerce (MOFCOM) issued a reciprocal statement saying it would suspend additional tariffs on US goods for 90 more days.
Both sides said they would maintain 10% tariffs on each other’s goods. However, the US will continue a 20% tariff on Chinese goods related to alleged fentanyl trafficking and 7 to 25% tariffs imposed in the 2019 trade war. This means that Chinese manufacturers need to pay tariffs as high as 55% on certain of their exports to the US.
