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

President Trump signed an executive order on Monday to delay steep tariffs against China for another 90 days, extending the trade truce between the two countries to continue negotiations. CBS News' Ramy Inocencio has more details.

President Trump’s order continues a reprieve from the threat of escalating tariffs and export controls, which rocked the global economy earlier this year.