The day in trade: US-China tariff truce extended

The news that the USA and China have extended their ongoing trade truce for another 90 days is being greeted with a sigh of relief by markets, businesses and consumers around the world.

It is welcome news for the U-Freight Group with our strong presence in the transpacific air and ocean freight market.

Trump’s tariff regime is nonetheless continuing to cause tremors throughout the global trading system, with Brazil yesterday lodging a complaint with the World Trade Organization (WTO).

President Trump’s executive order will continue the US-China trade truce until 10 November, with Beijing confirming it will reciprocate the pause, according to media reports.

The US levy on Chinese imports remains 30% with China’s tariffs on American goods staying at 10%.

If yesterday’s deadline for the previous pause had expired without such a deal, tariffs could have gone as high as 145% on Chinese exports to the USA and 125% on USA goods going the other way.

The suspension of these threatened rates will give time for further talks to address “trade imbalances” and “unfair trade practices”, the Trump administration said.

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