With a looming August 1 deadline for higher tariffs, US Treasury Secretary Scott Bessent is set to meet Chinese officials in Sweden to negotiate an extension of the current US-China tariff truce.
The talks come amid a flurry of new US trade deals with other countries and threats of steep tariffs on imports from the EU, Canada, and others. Bessent emphasizes that the US is prioritizing the quality of trade agreements over speed, using the threat of tariffs as leverage. While a deal with China is expected to be extended, other tariffs are still set to take effect, raising global economic uncertainty.
The negotiations may also touch on sensitive issues like China's oil purchases from Russia and Iran.
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