US and China Race to Extend Tariff Truce as Global Trade Tensions Mount

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are set to meet in Stockholm next week for a critical round of trade talks.

The main focus will be on extending the looming August tariff deadline, which threatens to escalate tariffs on Chinese imports if no deal is reached. While the US has struck new trade deals with other countries, the China negotiations remain pivotal for global markets and supply chains. The talks may also address sensitive issues like China's purchases of oil from Russia and Iran.

Despite the pressure, US officials emphasize that securing a high-quality agreement is more important than rushing to meet the deadline.