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. Upcoming talks in Stockholm between US and Chinese officials will focus on negotiating terms and may also address China's purchases of Russian and Iranian oil. Meanwhile, the US is using the threat of tariffs as leverage in ongoing negotiations with multiple trade partners, including the EU, Canada, and India.
The administration maintains that while some tariffs may be delayed, others will still take effect as planned to pressure countries into making concessions.
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