U.S. Treasury Secretary Scott Bessent will meet with Chinese officials next week in Stockholm to discuss extending an August 12 deadline for a trade deal that would prevent higher tariffs.
Bessent said the talks will take place on Monday and Tuesday and include discussions on broader trade and economic issues.
Swedish Prime Minister Ulf Kristersson confirmed the meetings in a post on X, saying both sides aim to seek mutual understanding. China’s embassy in Washington has not yet commented on the meeting or confirmed who will attend.
Since May, Bessent has held talks with Chinese Vice Premier He Lifeng in Geneva and London to manage a temporary trade truce. U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, and China’s Commerce Minister Wang Wentao also joined previous meetings.
The two countries had agreed to end certain export restrictions. China lifted its ban on rare earth exports to the U.S., while the U.S. restarted shipments of semiconductor software, aircraft engines, and other goods. A 90-day deadline was set to resolve deeper trade issues.
Without an agreement or deadline extension, tariffs could return to 145% for U.S. imports from China and 125% for Chinese imports from the U.S. Bessent said the Stockholm meeting will likely result in an extension and cover China’s export-driven economy and high manufacturing output.
He added that the U.S. wants China to shift focus from manufacturing to consumer spending. Bessent also plans to raise concerns about China’s continued purchases of Russian and Iranian oil and its support for Russia in the war in Ukraine.
There is bipartisan support in the U.S. Senate for imposing 100% tariffs on goods from countries that buy Russian oil, including China and India. Bessent said he would also coordinate with European allies on possible secondary tariffs.
He said the U.S. is close to announcing several new trade agreements, and Japan may be among the countries involved despite recent political and negotiation hurdles. He noted that tariffs for most countries could return to April 2 levels, but trade talks would continue.
