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.

Asia Pacific Economic Cooperation nations, staring down U.S. tariffs, jockeyed for time with U.S. Trade Representative Jamieson Greer at a gathering in South Korea.

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