US-China trade talks resume/Target to extend tariff "truce" between the parties
Top US and Chinese economic officials will resume talks in Stockholm to resolve long-standing economic disputes, aiming to extend a three-month truce and keep high tariffs at bay.
China faces an Aug. 12 deadline to reach a lasting tariff deal with President Donald Trump's administration, after Beijing and Washington reached preliminary agreements in May and June to end the escalation of the measures. Without a deal, global supply chains could face fresh disruption from U.S. tariffs that would return to triple-digit levels.
The Stockholm talks come on the heels of Trump’s biggest trade deal to date, which he struck with the European Union. The pact includes a 15% tariff on most EU goods exports to the US, including automobiles. The bloc will also buy $750 billion worth of American energy and invest $600 billion in the coming years on American soil. No similar progress is expected in the US-China talks, but trade analysts said there could be another 90-day extension of a truce on tariffs and export controls.
An extension of the deadline would prevent further escalation and facilitate planning for a possible meeting between Trump and Chinese President Xi Jinping in late October or early November.
The Trump administration is poised to impose new sectoral tariffs that will affect China within weeks, including on semiconductors, pharmaceuticals and other products.
The United States has suspended restrictions on technology exports to China to avoid disrupting trade talks with Beijing and to secure a meeting between Trump and Xi Jinping within the year.
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