Treasury Secretary Scott Bessent indicated that the upcoming trade deadline with China, set to expire on August 12, will likely be extended during talks in Stockholm next week. The U.S. and China previously agreed in May to a 90-day suspension of heavy tariffs to facilitate trade negotiations. Bessent expressed optimism about the state of U.S.-China trade relations, noting progress and a constructive dialogue. The Stockholm talks, hosted by Sweden, aim to address issues like China’s manufacturing output, its consumer economy, and its purchase of sanctioned Russian and Iranian oil. This follows earlier tariff reductions after negotiations in Geneva and London, where both nations scaled back tariffs significantly from the 145% and 125% rates imposed by the U.S. and China, respectively.
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Source: CNBC