US-China trade deal talks: Tariff pause extended after ‘constructive' discussions; here are the tax rates that will continue for now
US-China trade deal talks: Following discussions in Stockholm, China's chief trade representative announced on Tuesday that China and the United States have decided to maintain their existing tariff arrangements, extending the pause.
The latest negotiations between Chinese and US trade representatives took place in the Swedish capital across Monday and Tuesday, aiming to resolve the tariff deadlock that has affected trade relations between the world's largest economies.
According to an AP report, Li Chenggang said that both countries engaged in "constructive" and "candid" talks, confirming that current tariff rates would remain unchanged - with the United States maintaining its 30% levy on Chinese imports whilst China continues its 10% duty on American goods.
He further noted that both parties conducted thorough discussions on microeconomic matters, with an agreement to maintain regular contact and ensure prompt communication regarding trade and economic concerns.
US-China Tariff Pause Extended
Since US President Donald Trump's announcement of "Liberation Day" tariffs affecting numerous countries in April, the United States has established trade agreements with several major trading allies, including Britain, Japan and the European Union.
The situation with China remains the most significant unresolved matter.
The initial negotiations extended for approximately five hours in a private session at the Swedish prime minister's office on Monday. Prior to Tuesday's continuation, Swedish Prime Minister Ulf Kristersson hosted a breakfast meeting with Bessent and US trade representative Jamieson Greer.
"The Chinese have been very pragmatic," Greer said in comments posted on social media by his office late Monday.
"Obviously we've had a lot of tensions over the years. We have tensions now, but the fact that we are regularly meeting with them to address these issues gives us a good footing for these negotiations."
"Whether there will be a deal or not, I can't say," Greer added in the clip posted on X from MSNBC's "Morning Joe". "Whether there's room for an extension, I can't say at this point. But the conversations are constructive and they're going in the right direction."
Following discussions in Geneva in May, both nations agreed to a temporary suspension lasting 90 days, concluding on August 12, avoiding the previously elevated rates. At present, the United States maintains a 30% tariff on Chinese imports, whilst China imposes a 10% duty on American goods.
The Stockholm discussions might shed light on the possibility of a meeting between Trump and President Xi Jinping of China later this year, which some analysts consider essential for finalising significant bilateral agreements.
Following China's emergence as a significant player in global trade approximately twenty years ago, American officials have consistently urged Beijing's leadership to boost domestic consumption and increase accessibility for international products, particularly US goods.
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