President Donald Trump has signed an executive order that will prevent high U.S. tariffs on Chinese goods from snapping back into effect for another 90 days, a White House official told CNBC on Monday afternoon.
The order was signed just hours before midnight, when the pause on Trump’s tariffs was set to expire.
The delay was the expected outcome from the latest round of talks between U.S. trade negotiators and their Chinese counterparts, which took place in Stockholm, Sweden, late last month.
If the deadline was not extended, then U.S. duties on China would have shot back up to where they stood in April, when the tariff war between the world’s largest trading nations was at its peak.
The two sides had agreed to pause most of the tariffs on each other’s goods in May, after negotiators met for the first time in Geneva, Switzerland.
