US President Donald Trump confirmed on Monday extending a tariff truce with China for 90 more days, with Beijing announcing similar measures.

"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," Trump posted on his Truth Social platform, hours before the initial pause was due to expire.

China also announced it will suspend additional tariffs on US goods for 90 more days, the Reuters news agency reported, citing the Chinese Commerce Ministry as saying on Tuesday.

Trump's most recent executive order will expire after midnight on November 10, allowing more time for both countries to reach a resolution.

What else do we know about the Trump executive order?

Trump's executive order said that China has continued to "take significant steps" toward solving the US concerns regarding trade and security matters, while also addressing the ongoing negotiations between the two countries. 

The order, however, maintained the existence of "large and persistent annual US goods trade deficits," adding that they "constitute an unusual and extraordinary threat to the national security and economy of the United States." 

It acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to "take significant steps toward remedying" the US complaints.

"We'll see what happens," Trump told a news conference earlier on Monday, highlighting what he called his good relationship with Chinese President Xi Jinping.

What did China say about the tariff truce extension?

According to Chinese state media news agency Xinhua, China will retain a 10% tariff. 

Beijing would also "take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration."

Washington and Beijing agreed in May to bring down whopping mutual tariffs, which had skyrocketed to 145% against Chinese goods and 125% against US goods. The agreement helped avert an economic catastrophe.

The May truce saw tariffs on Chinese goods down to 30%, while those on US goods came down to 10%.

Edited by: Rana Taha