Donald Trump’s tariffs on China will likely remain at a level expected to severely curtail Chinese exports to the US after the 90-day truce, analysts and investors say, suggesting Beijing may have to endure further economic pain despite active talks.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

Beginning Wednesday, shipments arriving in the United States from China and Hong Kong worth less than $800 could face 54 percent tariffs.