As the August 1 deadline for steep new US tariffs approaches, Treasury Secretary Scott Bessent has signaled that the US is likely to extend the deadline for a trade deal with China.
Bessent emphasized that the Trump administration is prioritizing the quality of trade agreements over rushing to meet the deadline, even as pressure mounts on multiple fronts. Upcoming talks in Stockholm will focus on avoiding higher tariffs and may also address broader issues such as China's purchases of Russian and Iranian oil. While some tariffs on other countries are set to take effect, negotiations with China remain more constructive, with both sides seeking to avoid escalation.
The administration views the looming tariff hikes as leverage to secure better deals, but insists it will not compromise on the substance of agreements.
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