US President Donald Trump announced on Monday evening the extension of the trade truce with China for 90 days, postponing the confrontation between the world’s two largest economies. Trump posted on his platform “Truth Social” that he signed the executive order for the extension, confirming that “all other elements of the agreement will remain the same.” The previous deadline was set to expire at 12:01 AM Tuesday/Wednesday, which would have allowed the US to raise tariffs on Chinese imports from the already high level of 30%, while Beijing could have retaliated by increasing tariffs on US exports to China. This freeze grants both countries time to resolve some disputes and possibly pave the way for a summit later this year between Trump and Chinese President Xi Jinping. American companies operating in China welcomed the extension.