The US and China have extended their trade truce for another 90 days, just hours before the world's two biggest economies were set to raise tariffs on imports of each other's goods. On Monday, US President Donald Trump signed an executive order to keep the pause in place until 10 November, while Beijing also announced an extension.

U.S. levies on Chinese goods like toys, footwear and furniture could rise sharply if a deal is not approved by Tuesday’s deadline.

President Donald Trump extended a pause on tariffs against Chinese imports to the U.S. for another 90 days Monday, hours before an initial 90-day moratorium was set to expire on the 145% tariff on Chinese goods Trump imposed briefly in May, according to multiple reports.