The U.S. and China will continue talks to maintain a “tariff truce” before it expires in a fortnight, Treasury Secretary Scott Bessent said.
Bessent, who led the USA delegation along with Trade Representative Jamison Greer, said in Stockholm that he would brief US President Donald Trump on the remaining issues on Wednesday he would approve a final decision.
“There are still a few technical details left to be agreed upon,” the minister told reporters on Tuesday.
Also, China’s international trade representative Li Chengang said the US and China intend to extend the “tariff truce”.
The statements came at the end of two days of talks between a Chinese delegation held in Stockholm and US administration officials.
This year, the US and China have repeatedly increased each other’s tariff rates on imports, leading to 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.