As the August 1 deadline for steep new US tariffs approaches, Treasury Secretary Scott Bessent has signaled that the US is likely to extend the deadline for a trade deal with China, with talks scheduled in Stockholm next week.
The Trump administration is prioritizing the quality of trade agreements over speed, using the looming tariff hikes as leverage in negotiations with China, the EU, and other major partners. Discussions may also expand to include issues like China's purchases of Russian and Iranian oil. While some deals, such as with Indonesia and the Philippines, have been reached, talks with the EU, India, and Canada remain unresolved.
The administration maintains that the threat of tariffs is intended to pressure trade partners into making greater concessions.
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