Trump pauses China tariff hike for 90 days, rules out gold tariffs in separate trade moves

US President Donald Trump on Monday made two major announcements. The first is the extension of tariff suspension with China for another 90 days on Monday, August 11. The other is that precious metal gold will not be tariffed.

The previous tariff deadline was to expire on Tuesday. Taking to his Truth Social platform, Trump said he has signed an executive order in relation to this, and "all other elements of the Agreement will remain the same."

"I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days. All other elements of the Agreement will remain the same. Thank you for your attention to this matter!" he said in a post.

Presently, the United States imposes a 30% tariff on China, while China imposes a 10% levy on US goods.

On Sunday, in a post on Truth Social, Trump said he wants China to "quickly quadruple" its order of soybeans made in the US.

"China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," the POTUS said.

Gold will not be tariffed, says Trump

In another major development, US President Donald Trump said that the gold imports will not face tariffs.

"Gold will not be Tariffed!," Trump said in a post on Truth Social.

His clarification comes after US Customs and Border Protection, last week, ruled that one kg and 100 ounces of gold cast bars from Switzerland would face a tariff. This led to precious metal hitting a record high on Friday.

The Swiss Precious Metals Association (SPMA) had claimed that ruling "may negatively impact" the global flow of physical gold.

After an initial fall, spot gold is trading 0.31% higher at $3,353 on Monday.