US President Donald Trump signed an executive order to extend the tariff truce with China for an additional 90 days, just hours before the deadline that would have seen US tariffs on Chinese goods rise to 145%, compared to 125% from Beijing, which would have resulted in a near trade ban between the two countries.

The decision came after Trump urged Beijing to quadruple its purchases of American soybeans amid ongoing trade negotiations that began with a truce in May in Geneva, followed by a round in July in Stockholm without reaching a final agreement.

Chinese imports are subject to a 30% US tariff, while China has reduced its tariffs on American goods to 10%.

US Treasury Secretary Scott Bessent expressed optimism about reaching an agreement and pressured Beijing to stop buying Russian oil, hinting at secondary tariffs.