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US-China trade: Bessent meets Chinese counterpart to discuss tariff extension
US Treasury Secretary Scott Bessent is meeting his Chinese counterpart in Stockholm on July 28-29 to talk about whether to extend the pause on higher US tariffs for Chinese goods.
If they don't reach a deal, tariffs could jump back up to levels last seen in April and May 2025.
US-China trade relationship is 'very good' right now
Bessent says the US-China trade relationship is "very good" right now, and both sides want to keep things constructive.
The current deal slashed tariffs from high levels down to significantly lower rates for 90 days, but that break ends soon.
Keeping the pause would help avoid big shocks to global supply chains and keep prices more stable—something that matters for anyone who buys or sells stuff made in either country.