US EditionU.S. and China Working on Extension for Tariff Deadline
SWEDEN, JUL 23 – Negotiations in Stockholm aim to extend a 90-day tariff suspension set to expire Aug. 12 and address China's export-driven economy and sanctions on Russian and Iranian oil.
- U.S. Treasury Secretary Scott Bessent is scheduled to hold talks in Stockholm next week with his Chinese counterpart to deliberate on a possible extension of the August 12 deadline for tariff increases.
- This meeting follows a 90-day trade truce aimed at dialing back retaliatory tariffs and arises amid efforts to address broader issues including China's manufacturing overcapacity.
- The talks will also potentially cover China's continued purchases of sanctioned Russian and Iranian oil, while the U.S. is poised to announce multiple trade deals with other countries like Japan despite its recent election setback.
- Bessent indicated that, without an agreement, tariffs could revert to rates seen before April 2, rising from the existing 10%. He also highlighted bipartisan backing in the U.S. Senate for a bill proposing 100% tariffs on imports from nations that continue purchasing Russian oil, such as China and India.
- The likely extension of the deadline suggests ongoing constructive relations with China, with hopes the country will reduce manufacturing excess and focus on building a consumer economy.
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US Secretary of Treasury Scott Bessent stated Tuesday that it is likely that the deadline imposed on China by the Trup administration on trade tariffs will be extended. He will continue to meet in Stockholm next week with his Chinese counterparts for new bilateral discussions.
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U.S. Treasury Secretary Scott Bessent announced Tuesday that he will meet with his Chinese counterpart in Stockholm, Sweden, on July 28 and 29, to discuss a possible extension of the August 12 deadline, when an agreement that prevents significantly higher tariffs between the two nations expires. Read more]]>
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Total News Sources59
Leaning Left7Leaning Right10Center11Last UpdatedBias Distribution39% Center
Bias Distribution
- 39% of the sources are Center
39% Center
L 25%
C 39%
R 36%
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