As the August 1 deadline for steep new US tariffs approaches, Treasury Secretary Scott Bessent has indicated 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 arbitrary deadlines, and upcoming talks in Stockholm are expected to address both tariff extensions and broader issues, including China's oil purchases from Russia and Iran. While the US is holding firm on using tariffs as leverage in negotiations with multiple countries, there is cautious optimism that progress with China could avert an immediate escalation. The administration is also pursuing trade talks with the EU, Canada, and other partners, but stresses that any deals must be favorable to US interests.
The overall strategy signals a willingness to use tariffs as both a negotiating tool and a means to pressure trade partners into making concessions.
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