The US and China are set to hold a new round of trade talks in Sweden next week, with both sides signaling a likely extension of the looming August 1 tariff deadline.
US Treasury Secretary Scott Bessent emphasized that the Trump administration is prioritizing the quality of trade agreements over speed, using the threat of higher tariffs as leverage in negotiations. While some trade deals have been reached with countries like Japan, Indonesia, and the Philippines, talks with China and the EU remain tense, with the EU threatening significant counter-tariffs if no agreement is reached. The discussions may also expand to cover issues like China's purchases of oil from Russia and Iran.
Overall, the US is leveraging tariffs to pressure trade partners, but is open to extending deadlines to secure more favorable deals.
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