US Secretary of the Treasury Scott Bessent, left, speaks with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025.
Keystone/eda/martial Trezzini | Via Reuters
Treasury Secretary Scott Bessent on Tuesday said that he is likely to hash out an extension of President Donald Trump’s upcoming trade deadline with China when he meets with his Chinese counterparts in Stockholm, Sweden, next week.
The two sides in mid-May agreed to a 90-day suspension of most of the heavy tariffs on each others’ goods while they continued trade negotiations. That suspension is set to expire on Aug. 12.
But “we’ll be working out what is likely an extension” during talks in Stockholm on Monday and Tuesday, Bessent said in a Fox Business interview.
“I think trade is in a very good place with China,” he said.
Bessent said he hoped the talks would touch on other areas of potential agreement, including getting Beijing to slow the “glut of manufacturing that they’re doing and concentrate on building a consumer economy.”
The U.S. also wants to discuss “the sanctioned Russian and Iranian oil that they’re buying there, and what they’re doing to aid Russia and a Ukraine war.”
“So I think we’ve actually moved to a new level with China, where it’s very constructive,” he said. “We’re going to be able to get a lot of things done, now that trade has kind of settled in at a good level.”
This is breaking news. Please refresh for updates.
