US-China Hold Second Day of Sweden Talks, US Commerce Secretary Says 90-Day Tariff Ceasefire Extension Is Possible
US and Chinese officials kicked off the second day of economic and trade negotiations in Sweden, aiming to extend the tariff ceasefire beyond the 90-day period that is set to expire in two weeks, and discuss how to maintain trade relations while safeguarding economic security.
US and Chinese officials arrived in Stockholm before 10:30 a.m. local time on Monday for the third round of talks within three months. The agenda of this meeting includes giving both sides more time to negotiate on export controls related to fentanyl trafficking, US-imposed tariffs, and China's purchases of sanctioned oil from Russia and Iran.
After more than five hours of talks held at the Swedish Prime Minister's office in central Stockholm on Monday, neither side made statements to the press. For the US trade team led by Bessen, the negotiations with Beijing differ from those with economies that will be affected by US tariff measures starting August 1.
Bessen recently said that he would use this week's talks with China to discuss how to "possibly extend" the current tariff ceasefire, and stated, "I think the trade situation with China is very good."
On Monday, US Commerce Secretary Rutenberg said that given the ongoing negotiations in Stockholm, it is possible that the US-China tariff ceasefire could be extended by another 90 days.
Rutenberg was asked about reports that the two countries are considering extending the tariff ceasefire for an additional three months during an interview with Fox News. He responded, "Is that a possible outcome? Of course, it seems so, but we'll let President Trump decide."
This trade negotiation with China comes as the US sets a separate deadline for other trading partners. The so-called "reciprocal" tariffs will take effect on August 1 for dozens of economies. Trump initially announced these rates in April, but suspended their implementation after causing market turmoil and providing economies with an opportunity to negotiate with the US to lower tariffs.
Rutenberg said that even with only days left until the deadline, Trump is still weighing potential agreements. Rutenberg claimed, "He (Trump) has made big deals like these before. He really holds all the cards. As he said, he will decide what the tariff rates will be, and (how much) markets will open up for these countries."
Rutenberg added, "That's what we're doing this week. We'll basically - he certainly will consider some deals, but basically, what he's going to do is set the tariff rates for all countries and finish it by the end of the weekend."
Original: https://www.toutiao.com/article/1838992466120732/
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