The extension delays a significant tariff hike until November, preventing what could have been a virtual trade embargo and keeping rates lower during the crucial holiday import season.
The economist said that for the European Union and the U.K., the agreement significantly reduced the immediate threat of China rerouting exports to their markets.
The People’s Daily urged the U.S. to ease export restrictions and highlighted that American firms could benefit from China’s push to boost domestic demand and imports.
According to data from China’s National Bureau of Statistics, the purchasing manufacturing index (PMI) slipped to 49.3 in July, compared with 49.7 in June.
Despite Trump's lack of interest in initiating efforts, he and his administration have been exploring the possibility of a meeting with Xi since the two countries’ delegations met for tariff talks for the first time in Geneva in May.
The high-level talks come just weeks before a key August deadline, with both sides signaling cautious optimism but little clarity on whether tariff relief or new agreements will follow.
The U.S. President was now reportedly seeking “quick wins” with China, rather than addressing the substantial trade deficits between the two countries.
