US-China Wrap Up Trade Talks in Stockholm; Both Sides Seek to Extend Tariff Truce Ahead of August 12 Deadline

Top US and Chinese officials wrapped up two days of talks in Stockholm, describing them as constructive and agreeing to try to extend their current 90-day tariff truce, which is set to expire on August 12.
 
China’s trade negotiator Li Chenggang said both sides want to preserve the truce, which paused escalating tariffs earlier this year. However, US Treasury Secretary Scott Bessent said the final decision rests with President Trump. Speaking to the media, Trump said he was briefed on the talks and would get more details soon. Despite progress, he later raised tariffs again after returning to Washington.
 
 
The US and China have imposed heavy tariffs on each other’s goods this year, with some reaching over 30 percent. Without an extension of the truce, those tariffs could return. Officials also discussed broader economic issues, past agreements between Trump and Xi Jinping, and sensitive topics like rare earths, TikTok, and China’s ties with Russia and Iran.
 
Bessent said the US isn’t aiming to fully separate from China but wants to reduce risks in key areas like semiconductors, rare earths, and medicine. He also noted progress in narrowing the trade gap, saying the US could cut its deficit with China by 50 billion US dollars this year. This was the third meeting between the two countries since April.