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.

Treasury Secretary Scott Bessent participated in trade negotiations with China in May that resulted in a deal to temporarily ease up on strict tariffs imposed in April for 90 days.

President Trump on Monday announced the expected extension of an Aug. 12 deadline for the US and China to make a deal on trade.