11.08.2025 19:55
President Trump has extended the suspension of increased US tariffs on Chinese goods for another three months. A White House official confirmed the signing of an executive order on Monday, just before the previous 90-day freeze was due to expire at midnight. This crucial action prevented a return to the significantly higher tariff rates last seen at the peak of the US-China trade conflict.
The decision follows recent negotiations between US and Chinese representatives in Stockholm, Sweden. These talks, held late last month, paved the way for the extension, averting a potentially damaging escalation of trade tensions. The initial tariff pause, agreed upon during May's meetings in Geneva, Switzerland, had created a temporary reprieve that was set to end on Tuesday. The President’s timely intervention maintained this period of trade stability.
On the same day, a separate announcement from President Trump eliminated tariffs on gold. This move directly countermanded a prior ruling by U.S. Customs and Border Protection. The rescinded ruling had imposed a 39% tariff on 1-kilogram and 100-ounce gold bars imported from Switzerland, bars crucial for backing contracts traded on the COMEX exchange.
This reversal followed a significant market reaction to the initial customs ruling. Gold futures prices experienced a dramatic drop of 2.48%, closing at $3,404.70 per ounce, after having reached a record high just days before. This earlier spike was directly attributed to the concerns surrounding the potential tariff impact on global gold markets. The Swiss Precious Metal Association had voiced strong concerns, warning of potential disruptions to international gold trade flows should the tariffs remain in place. The initial customs decision, part of President Trump's August 7th "reciprocal tariffs" policy targeting numerous trading partners, was intended to mirror tariffs imposed on American exports.
