President Trump has extended the trade truce with China, averting a potential increase in tariffs on billions of dollars worth of Chinese goods. The agreement postpones the deadline for a new trade deal, which was originally set for Tuesday. Failure to reach a deal would have resulted in higher tariffs on consumer goods such as toys, footwear, and furniture, potentially impacting American consumers. The extension provides negotiators with more time to resolve outstanding issues and reach a comprehensive trade agreement, but the future of the trade relationship remains uncertain.