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President Donald Trump says he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire.

Washington and Beijing have signed a trade agreement that will make it easier for U.S. firms to obtain magnets and rare earth minerals from China, Treasury Secretary Scott Bessent said June 27.

U.S. tariff hikes on small packages from China triggered a slump in shipments last month, contributing to a huge drop in bilateral trade and roiling exporters like Shein and Temu.

The drop in port activity came as importers and retailers — especially those with business in China — grappled with the uncertainty of Trump’s trade war.

The IMF is seeing signs that the rise in trade and activity to front-run President Donald Trump’s tariffs is beginning to unwind as the global economy still faces heightened uncertainty.

After fresh negotiations in London, tariff rates remain essentially unchanged. Rare earth shipments from China are set to return to pre-April 2 conditions.

U.S. customs duties climbed to a record in May, helping shrink the budget deficit for the month, while doubts remain about the persistence of the inflows.

At the heart of the policy shift is China’s stranglehold over rare earths and its decision to restrict supply to American manufacturers reliant on the key inputs.

President Donald Trump announced June 11 that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.

The U.S. and China resumed talks into a second day in London, with financial markets on edge as the world’s largest economies try to agree to allow exports of key tech and industrial goods.