US Treasury Secretary Scott Bessent announced that he will meet with Chinese officials in Stockholm next week to discuss a likely extension of the looming tariff deadline, originally set for early August.
The Trump administration is signaling a willingness to prioritize the quality of trade agreements over rushing to meet the deadline, even as threats of steep new tariffs remain on the table for China, the EU, and other major trading partners. Talks may also expand to cover sensitive issues such as China's purchases of oil from Russia and Iran. The US is using the threat of tariffs as leverage to secure more favorable terms in ongoing negotiations, with Bessent and other officials emphasizing that the August 1 deadline is 'hard' but potentially flexible for China.
Markets are reacting to the uncertainty, while business groups and officials express cautious optimism that a deal with China can be reached.
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