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 avoiding higher tariffs and may also address China's purchases of Russian and Iranian oil. Meanwhile, the US is pushing forward with new tariffs on other countries and has finalized deals with the Philippines and Indonesia.
The administration is using the threat of tariffs as leverage to secure more favorable trade terms globally.
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