US Treasury Secretary Scott Bessent said on Tuesday he expects to negotiate an extension of the current US‑China tariff suspension when he meets Chinese counterparts in Stockholm next week.
In mid‑May, both sides agreed to a 90‑day suspension of most heavy tariffs, which is set to expire on Aug. 12.
“We’ll be working out what is likely an extension during talks in Stockholm,” Bessent told Fox Business. “I think trade is in a very good place with China.”
Swedish Prime Minister Ulf Kristersson confirmed on X that his country will host the latest round of US‑China talks, calling it a positive sign for global trade and economic stability.
Bessent said he hopes to also discuss China’s manufacturing surplus and the need to build a consumer economy, as well as China’s purchases of sanctioned Russian and Iranian oil and support for Russia’s war in Ukraine.
“We’ve moved to a constructive stage with China, and trade has settled at a good level,” he added.
Earlier this year, U.S. President Donald Trump raised tariffs on Chinese goods to an effective 145%, prompting China’s 125% counter‑tariffs. After negotiations in Geneva in May, both sides cut tariffs by 115 percentage points and reaffirmed their preliminary agreement in a follow‑up meeting in London in late June.
