President Trump's executive order extends a reprieve from the threat of rising tariffs between the world's two largest economies.

According to the statement published by Xinhua News Agency, China will continue to suspend its earlier tariff hike for 90 days, starting August 12, while retaining a 10-percent duty. It would also take necessary measures to suspend or remove non-tariff countermeasures against the U.S., the statement added.

President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world’s two biggest economies.