The US and China have extended their trade truce for another 90 days, just hours before the world's two biggest economies were set to raise tariffs on imports of each other's goods. On Monday, US President Donald Trump signed an executive order to keep the pause in place until 10 November, while Beijing also announced an extension.

China’s Ministry of Commerce announced on Tuesday that a preliminary 75.8 per cent duty on Canadian canola seed would go into effect on Thursday, sending canola futures on the Intercontinental Exchange down as much as 6.5 per cent.

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