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.
Bessent emphasized that the Trump administration is prioritizing the quality of trade agreements over rushing to meet arbitrary deadlines, even as pressure mounts on multiple fronts. Talks with China are set to continue next week in Stockholm, with discussions possibly expanding to include issues like China's purchases of Russian and Iranian oil. Meanwhile, the US is also negotiating with other major partners such as the EU, Canada, and India, using the looming tariff hikes as leverage.
The administration's approach reflects a broader strategy of using tariffs both as negotiation tools and as a means to reshape global trade relationships.
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