President Trump has signed an executive order extending the freeze on high U.S. tariffs against Chinese goods for 90 more days, according to a White House official speaking Monday afternoon.
The order was signed just before the deadline expired at midnight, stopping tariffs from snapping back to their earlier peak.
The decision followed trade talks between U.S. and Chinese negotiators in Stockholm, Sweden, late last month. Without the extension, duties on Chinese imports would have jumped back to April levels, when the tariff fight between the two economies was at its highest point.
In May, both sides met in Geneva, Switzerland, and agreed to pause most tariffs, creating the 90-day window that was set to expire Tuesday before this new order was signed.
Trump blocks tariffs on gold after customs ruling
On the same day, Trump announced that gold will not face any tariffs, overturning a recent decision by U.S. Customs and Border Protection.
The earlier ruling stated that 1-kilogram and 100-ounce gold cast bars imported from Switzerland would be subject to 39% tariffs. These bars are used to back contracts traded on COMEX, the main U.S. futures exchange for gold, silver, and other metals.
Gold futures fell 2.48% to close at $3,404.70 per ounce after the announcement, coming down from a record high reached the previous Friday.
That spike followed the customs ruling, which would have also applied to any country exporting similar bars to the U.S., not just Switzerland.
The Swiss Precious Metal Association said the decision could have disrupted global gold trade flows, warning it “may negatively impact the international flow of physical gold.”
The customs ruling came under the umbrella of Trump’s August 7 “reciprocal tariffs” policy, which targeted dozens of U.S. trade partners. The tariffs were designed to match duties imposed on American exports, but the White House move on Monday removed gold from the list entirely.
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