U.S. and Chinese officials are set to meet in Stockholm next week to negotiate a possible extension of the trade deal deadline, currently set for August 12, according to U.S. Treasury Secretary Scott Bessent. He added that the talks will also address rebalancing trade relations. Swedish Prime Minister Ulf Kristersson welcomed the talks, calling them significant for the global economy. Separately, a Chinese embassy spokesperson confirmed both sides had finalized implementation details of a consensus reached by Presidents Trump and Xi Jinping.
Beijing has agreed to lift its export ban on rare earths and magnets, while Washington will resume shipments of chip software, aircraft engines, and other key goods. Without an extension, tariffs could rise to 145% on U.S. exports and 125% on Chinese goods. Bessent also said broader issues, such as China’s export dependence, would be discussed. Meanwhile, China suspended its antitrust probe into DuPont’s local unit, seen as a goodwill gesture.
