U.S. levies on Chinese goods like toys, footwear and furniture could rise sharply if a deal is not approved by Tuesday’s deadline.

Soybean prices fell back below $10 a bushel, as traders saw news of an extended US-China trade truce as likely delaying major grain-purchasing deals between the nations until late this year.

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.