The United States and China on Monday extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods as U.S. retailers get ready to ramp up inventories ahead of the critical end-of-year holiday season.

U.S. President Donald Trump has signed an executive order extending a pause in sharply higher U.S. tariffs on Chinese imports for another 90 days, a White House official said. A tariff truce between Beijing and Washington had been set to expire on August 12 at 00:01 (04:01 GMT),

The US and China have extended their trade truce for 90 days just hours before a jump in tariffs had been set to kick in. An executive order signed by US President Donald Trump on Monday keeps in place an agreement from May, when the two sides temporarily suspended some of the tariffs on each others' goods.