Hours before triple-digit tariffs were scheduled to kick in on either side, the US and China agreed to continue their negotiations for another 90 days.

Earlier this year, the US said it would impose total tariffs of 145% on imports from China. In retaliation, products moving in the other direction were to be subject to tariffs of 125%.

In mid-May, the two countries agreed to hold back on these tariff levels for 90 days, with the US charging an interim level of 30% on imports from China, and China imposing a 10% tariff on imports from the US.

This arrangement was scheduled to stop on August 12, but a few hours before the deadline, the two governments announced they would keep the lower rates in place for a further 90 days.

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