President Trump extended a truce between the U.S. and China on tariffs, a move that could potentially set the stage for a summit with Chinese leader Xi Jinping later this year.

With hours left on the clock before the looming midnight Tuesday deadline, Trump's executive order acknowledged that China was taking "significant steps" toward addressing American concerns on "economic and national security matters." Beijing announced the truce extension at the same time.

Allowing the truce to expire would have sent tariff rates for both countries skyrocketing, dealing a major blow to trade between the world's two largest economies. The U.S. will keep its standard tariff rate on Chinese goods at 30%, and China will keep its own rate on American goods at 10%.

The extension gives the two sides

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