China’s Ministry of Commerce announced on Tuesday that Beijing and Washington have agreed to extend a 90-day suspension of 24% tariffs on each other’s goods, while keeping the remaining 10% duties in place. The move, effective August 12, follows the latest round of economic and trade talks in Stockholm and builds on agreements reached earlier in Geneva and London. Under the arrangement, the U.S. will continue to suspend the 24% tariff on Chinese goods, including those from Hong Kong and Macau, while China will do the same for U.S. goods and maintain a halt on certain non-tariff countermeasures. Both sides will also relax export restrictions on rare earth magnets and some technologies.