As the August 1 deadline for steep new US tariffs approaches, Treasury Secretary Scott Bessent has indicated 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. The upcoming US-China talks in Stockholm are expected to address not only tariffs but also broader issues such as China's purchases of Russian and Iranian oil. Meanwhile, the US is using the threat of tariffs as leverage in ongoing negotiations with other major trading partners, including the EU, Canada, and India.
The administration's strategy appears to be using the looming tariff hikes to extract greater concessions and secure more favorable deals.
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