US Treasury Secretary Scott Bessent has indicated that the Trump administration is likely to extend the looming August 1 tariff deadline in ongoing trade negotiations with China.
Bessent emphasized that the US is prioritizing the quality of trade agreements over rushing to meet deadlines, even as steep tariffs are set to take effect if no deal is reached. The upcoming round of talks in Stockholm will also address broader issues, including China's purchases of oil from Russia and Iran. While the administration maintains that the August 1 deadline is a 'hard' one, officials have signaled flexibility, using the threat of tariffs as leverage to secure better terms.
The outcome of these negotiations could have significant implications for global trade and economic stability.
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