US President Donald Trump says talks with China are progressing and he expects the two sides to reach a fair agreement on trade.
“We’re moving along with China. We’re doing very well with China. I think it’s going to work out very well. We’re in agreement, I think we’re going to have a very fair deal with China,” Trump told reporters at the White House.
The day before, after two days of talks in Stockholm between a Chinese delegation and US administration officials, both sides announced their intention to extend the “tariff truce”.
The US and China have repeatedly increased each other’s tariff rates on imports this year, causing extreme instability in global supply chains. However, after talks in Geneva in May, the two sides agreed to temporarily lower the duty. This arrangement is in place until 12 August. Dozens of other countries risk facing tougher US tariff policy as early as Friday, 1 August, if they do not reach a trade agreement with Washington.
Donald Trump is also threatening to impose a 100 per cent import duty on Russia and its trading partners if Moscow fails to reach an agreement with Kiev on a ceasefire in Ukraine within the allotted timeframe.
China, as well as India, is one of the largest importers of Russian oil.