US Eyes Extension of China Tariff Deadline as High-Stakes Trade Talks Intensify

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, using the threat of tariffs as leverage in ongoing negotiations. The upcoming round of US-China talks in Stockholm may also address broader issues, including China's purchases of oil from Russia and Iran. Meanwhile, the US is pursuing multiple trade deals globally, but progress with the EU, India, and Canada remains slow.

The administration maintains that while some tariffs may be delayed, others will take effect as scheduled to pressure trade partners.