China and the U.S. eventually reached a truce, which resulted in substantially lower tariff rates, and the two countries have been engaged in negotiations since. U.S. tariffs on China will remain at 30 percent until November, when the new 90-day deadline expires, Trump said in an executive order.

Oil prices were little changed on Tuesday after the United States and China extended a pause on higher tariffs and data showed a rise in U.S. inflation in July.

Yet even as Trump held back on China, he sharpened his rhetoric on India—using it as a foil to highlight his trade toughness, even while softening his approach toward Beijing.