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 the deadline, even as pressure mounts on multiple fronts. Upcoming talks in Stockholm will focus on avoiding higher tariffs and may also address broader issues, including China's purchases of oil from Russia and Iran. While some tariffs are still set to take effect, the administration views the looming deadline as leverage to secure better terms from trade partners.
The situation remains fluid, with ongoing negotiations involving China, the EU, and other countries.
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