Trump posted on his Truth Social platform that he signed the executive order for the extension, and that "all other elements of the Agreement will remain the same"

The previous deadline was set to expire at 12.01 am on Tuesday. Had that happened the US could have ratcheted up taxes on Chinese imports from an already high 30 per cent, and Beijing could have responded by raising retaliatory levies on US exports to China

Sean Stein, president of the US-China Business Council, said the extension is "critical" to give the two governments time to negotiate a trade agreement that US businesses hope would improve their market access in China and provide the certainty needed for companies to make medium- and long-term plans

"Securing an agreement on fentanyl that leads to a reduction in US tariffs and a rollback of China's retaliatory measures is acutely needed to restart US agriculture and energy exports," Stein said

Reaching a pact with China remains unfinished business for Trump, who has already upended the global trading system by slapping double-digit taxes - tariffs - on almost every country on earth