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 oil from Russia and Iran. While the US is using the threat of tariffs as leverage in negotiations with multiple countries, officials insist that any deals must be favorable to US interests.
The ongoing uncertainty is impacting global markets and trade partners as they await the outcome of these high-stakes discussions.
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