US-China to Revisit Tariff Deadline in Next Week’s Talks

U.S. and Chinese officials are set to meet in Stockholm next week to negotiate a possible extension to the trade deal deadline, currently set for August 12, according to U.S. Treasury Secretary Scott Bessent. "I think trade is in a very good place with China," Bessent said, adding that talks will cover rebalancing trade relations.

Swedish Prime Minister Ulf Kristersson praised the talks’ significance for the global economy.

A Chinese embassy spokesperson confirmed both sides had finalized implementation details of a consensus reached by Presidents Trump and Xi Jinping.

So far, Beijing has agreed to lift its export ban on rare earths and magnets, while Washington will resume shipments of semiconductor software, aircraft engines, and other goods.

If no extension is reached, tariffs may spike to 145% for U.S. exports and 125% for Chinese goods.

Bessent noted broader issues would be discussed, including China's reliance on manufacturing and exports.