President Trump has delayed high US tariffs on Chinese imports by another 90 days, taking the new deadline to mid-November. China followed suit and delayed its own tariffs before the end of the August 11 deadline, as confirmed by CNBC.
The new deadline is November 10, which if not further delayed will see import taxes of up to 145% on Chinese goods entering the US. China has threatened 125% reciprocal tariffs on US goods entering its country.
Both nations have delayed the deadline to continue with trade negotiations. Representatives from the US and China met for trade talks in late July in Stockholm, Sweden, where it’s thought progress on a deal was made.
At the time, US Treasury Secretary Scott Bessent used social media network X to say, “I believe that we have the makings of a deal that will benefit both of our great nations.” The post has since been deleted. Bessent also told CNBC that President Trump has the “final say on all trade deals.”
The August delay means both nations return to their lowered tariffs for the foreseeable, which will likely remain in place until November, or when a trade deal is agreed. That means tariffs of 30% remain in place on goods entering the US, while 10% levies continue on imports into China.
The last-minute changes here are the latest confusing move for US businesses working with suppliers, manufacturers, and other parties in China. Last week, President Trump also confirmed the US would be placing a 100% tariff on chips and semiconductors that are built outside of the US.
Trump said to companies, “But if you’ve made a commitment to build or are in the process of building, as many of you are, there’s no tariff.” We’ve since seen companies like Apple and Nvidia meet with President Trump.
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Apple has promised to increase its investment in the US by an extra $100 billion on top of a previously promised $500 billion. In a separate deal, Nvidia and AMD are also giving 15% of revenue on AI chip sales to China directly to the US government.
It’s unclear when Chinese and US trade negotiations will reopen, but expect to hear more in the next 90 days as the two countries continue to figure out a way forward.
For now, it may mean we continue to see fluctuations in the price of consumer tech goods, which could mean brands increasing prices. In early August, Nintendo announced it would be increasing the price of its original Switch console by up to $50 due to “market conditions.”
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About James Peckham
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