By Elisabeth Buchwald, CNN
(CNN) — The United States and China agreed to pause tariff hikes on each other’s goods for an additional 90 days, according to multiple reports citing White House officials. Without the agreement, tariffs were set to immediately surge, risking a return to ultra-high levels that had formed an effective blockade on trade between the world’s two largest economies.
The news, first reported by CNBC, comes hours ahead of a 12:01 am ET deadline when tariffs on Chinese goods were set to rise to 64% from 30%. It’s unclear what rates China would have charged on American goods, which are currently subject to minimum 10% tariffs.
It also comes after Trump imposed a slew of “reciprocal” tariffs on trading partners around the world, which have raised the United States’ effective tariff rate to levels not seen since the Great Depression.
CNN reached out to White House officials for comment.
Higher tariffs on Chinese goods, America’s second-largest source of imports, would have almost certainly raised the costs many American businesses and consumers could pay — or already are paying — because of increased import taxes Trump enacted.
This is a developing story. It will be updated.
The-CNN-Wire™ & © 2025 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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