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 will focus on avoiding higher tariffs and may also address broader issues, including China's purchases of Russian and Iranian oil. The US is using the threat of tariffs as leverage in negotiations with multiple trade partners, but insists that any agreements must be favorable to US interests.
The situation remains fluid, with ongoing negotiations and the possibility of further extensions or new tariffs depending on progress.
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