U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade.

Trump on Tuesday signed an order extending the trade truce with China for another 90 days, according to a person familiar with the matter. The pact, which saw the US and China agree to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies, had been due to expire after midnight in New York.

Had the truce not been extended, there were fears that the financial market turmoil, which accompanied the major escalation of tariffs against China on April 2 and in subsequent days, would have returned.