The United States and China have taken steps towards prolonging the tariff pause on tariffs put on one another, after two days of high-level trade negotiations in Stockholm. No final decision was made, but both sides indicated readiness to keep discussing how to prevent a new escalation once the existing tariff truce period ends on August 12.
"Both sides are fully aware of the importance of keeping stable, healthy China-U.S. economic and trade relations," said Li Chenggang, the international trade representative of China, adding that the talks were "in-depth, candid and constructive."
Key Highlights:
US Treasury Secretary Scott Bessent called the talks "very fulsome," referencing delicate topics like Chinese imports of Iranian crude, Russian dual-use technology exports, and the overproduction of industrial products. "We have to de-risk with strategic sectors,whether it's rare earths, semiconductors, or pharmaceuticals. And we discussed what we can do together to get into equilibrium.”
Bessent also emphasized Washington's goal of cutting trade deficits, reviving domestic manufacturing, and winning new farm and energy deals with Beijing.
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The recent round of talks, conducted behind closed doors at Swedish Prime Minister Ulf Kristersson's office, followed on from previous meetings in Geneva and London, where both parties committed to a short-term tariff freeze. U.S. tariffs remain 30 percent on Chinese goods, whereas China levies 10 percent on American goods.
Jamieson Greer, U.S. Trade Representative, said, “We’ll go back and speak with the president about whether an extension of the deadline is something he wants to do.”
While US President Donald Trump has hinted at a potential summit with Chinese President Xi Jinping, Bessent clarified that no such meeting was discussed in Stockholm. “The overall tone of the meetings was very constructive.” he said.
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