FX.co ★ U.S.-China to Revisit Tariff Deadline in Next Week’s Talks

U.S. and Chinese representatives are scheduled to convene in Stockholm next week to discuss a potential extension of the trade deal deadline, which is currently set for August 12, as announced by U.S. Treasury Secretary Scott Bessent. "I believe our trade relations with China are in a very favorable position," Bessent remarked, noting that discussions will focus on rebalancing trade relationships. Swedish Prime Minister Ulf Kristersson highlighted the substantial impact of these discussions on the global economy. Meanwhile, a spokesperson from the Chinese embassy confirmed that both nations have finalized the implementation specifics of an agreement reached by Presidents Trump and Xi Jinping. To date, Beijing has agreed to lift its export restrictions on rare earth elements and magnets, while the United States will resume exports of semiconductor software, aircraft engines, and other goods. Should no extension be agreed upon, tariffs could increase to 145% on U.S. exports and 125% on Chinese products. Bessent also mentioned that broader topics, such as China's dependence on manufacturing and exports, would be on the agenda.