The United States and China are set to resume high-stakes trade talks in Sweden next week, with both sides aiming to extend the looming deadline for increased tariffs.
US Treasury Secretary Scott Bessent has indicated that the August 1 deadline for higher tariffs on Chinese imports is likely to be pushed back by up to 90 days, as negotiations show modest progress. The Trump administration is leveraging the threat of steep tariffs to pressure not only China but also other major trading partners, including the EU, Canada, and Asian countries, into new trade deals. While some agreements have been reached, such as with the Philippines and Indonesia, talks with the EU and India remain stalled.
The US is prioritizing the quality of trade agreements over speed, using tariffs as a bargaining chip to secure more favorable terms.
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