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 Donald Trump on Monday extended a tariff truce with China for another 90 days, setting the stage for broader negotiations between the world’s two biggest economies.

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.