China and the U.S. eventually reached a truce, which resulted in substantially lower tariff rates, and the two countries have been engaged in negotiations since. U.S. tariffs on China will remain at 30 percent until November, when the new 90-day deadline expires, Trump said in an executive order.

Reaching a pact with China remains unfinished business for U.S. President Donald Trump, who has already upended the global trading system by slapping double-digit taxes – tariffs – on almost every country on earth.