US, China Hold High-Stakes Trade Talks To Extend Tariff Truce
Top U.S. and Chinese officials are meeting in Stockholm this week in an effort to extend a temporary tariff freeze and ease mounting economic tensions, according to Bloomberg News. The talks are scheduled for Monday and…
Top U.S. and Chinese officials are meeting in Stockholm this week in an effort to extend a temporary tariff freeze and ease mounting economic tensions, according to Bloomberg News.
The talks are scheduled for Monday and Tuesday, with Treasury Secretary Scott Bessent representing the U.S. and Vice Premier He Lifeng leading the Chinese delegation, Bloomberg News reported. The latest meetings mark the third round of face-to-face negotiations between the two sides in just under three months, as China faces an Aug. 12 deadline to secure an agreement before higher tariff rates take effect.
“I think trade is in a very good place with China,” Bessent told reporters in the lead up to the trade talks, adding that the current tariff pause is “likely” to be extended, according to Bloomberg News.
The Trump administration secured a temporary deal with Beijing in June, which solidified China’s commitments to ease export controls on rare earth elements used in weapon systems, cars and other advanced technologies. Beijing initially imposed new export controls on several rare earth elements in April in response to President Donald Trump’s “Liberation Day” tariffs on Chinese goods.
In exchange for China’s June concessions, the Trump administration agreed to lift restrictions on the exports of chip design software and allowed major U.S. chip company Nvidia to