US Treasury Secretary Scott Bessent said the US is likely to extend its trade deadline with China, following a 90-day suspension of tariffs that expired on August 12. Bessent will meet his Chinese counterparts in Stockholm next week, where they will discuss issues such as sanctioned Russian and Iranian oil imports.
The two countries agreed to suspend most heavy tariffs on each other’s goods for 90 days in mid-May, with the deadline set to expire on August 12. However, US officials now plan to extend this agreement during talks in Sweden.
Bessent expressed optimism about the current state of trade between the US and China, stating that it is “in a very good place.” He hopes the talks will cover additional areas of potential agreement, including reducing Beijing’s manufacturing glut and promoting consumer economy growth.
The US also wants to discuss its concerns over sanctioned Russian and Iranian oil imports, which are seen as supporting Russia’s ongoing invasion of Ukraine.
Source: https://www.cnbc.com/2025/07/22/bessent-china-tariffs-trade-stockholm.html