(CNN) — The United States and China agreed to pause tariff hikes on each other’s goods for an additional 90 days, according to an executive order signed by President Donald Trump on Monday. Without the agreement, tariffs were set to immediately surge, risking a return to ultra-high levels that had formed an effective blockade on trade between the world’s two largest economies.

The news, first reported by CNBC, comes hours ahead of a 12:01 am ET deadline when tariffs on Chinese goods were set to rise to 54% from 30%, and Chinese tariffs on American exports would return to 34% from 10%.

In a joint statement with the US, China confirmed the 90-day trade truce extension and said it would maintain the 10% tariffs it has imposed on American goods during that period. The statement was based

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