The United States and China agreed to extend their 90-day tariff truce on July 29, SCMP reported. This is a developing story. Please keep refreshing for updates.

The United States has struck deals over tariffs with some of its key trading partners — including Britain, Japan and the European Union — since President Donald Trump announced “Liberation Day” tariffs against dozens of countries in April. China remains perhaps the biggest unresolved case.

U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.

A new tariff simulator shows Chinese exports to the US could plummet without a trade deal, and be redirected towards Southeast Asia and Russia.