The US and China are set to resume high-stakes trade talks in Sweden next week, with both sides aiming to extend a crucial tariff truce before steep new duties take effect in August.
US Treasury Secretary Scott Bessent has emphasized that while the August 1 deadline for higher tariffs is a 'hard deadline,' there is flexibility for China if negotiations progress. The Trump administration is prioritizing the quality of trade agreements over speed, using the looming tariffs as leverage in talks with China and other major trading partners. Meanwhile, the US has announced new trade deals with countries like the Philippines and Indonesia, but tensions remain high with the EU and Canada as the deadline approaches.
The outcome of these negotiations will have significant implications for global markets and supply chains.
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