US and China officials meet in Stockholm to discuss how to ease trade tensions
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting at the offices of Sweden's prime minister for talks that Bessent has said will likely to lead to an extension of current tariff levels.
Analysts say the two envoys could set the stage for a possible meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this year to cement a recent thaw in trade tensions.
The talks are the third this year between He and Bessent — nearly four months after Trump upended global trade with his sweeping tariff proposals, including an import tax that shot up to 145% on Chinese goods. China quickly retaliated, sending global financial markets into a temporary tailspin.
The Stockholm meeting — following similar talks in Geneva and London in recent months — is set to extend a 90-day pause on those tariffs. During the pause, U.S. tariffs were lowered to 30% on Chinese goods, and China set a 10% tariff on U.S. products.
The Trump administration, fresh off a deal on tariffs with the European Union, wants to reduce a trade deficit that came in at $904 billion overall last year — including a nearly $300 billion trade deficit with China alone.
China's Commerce Ministry, for its part, said last week that Beijing wants 'more consensus and cooperation and less misperception' from the Stockholm talks.
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Didi Tang and Josh Boak in Washington contributed to this report.
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