On 29/7, US and Chinese officials concluded two days of trade talks in Stockholm, Sweden, aimed at extending a 90-day tariff truce. However, neither side has released an official statement. US officials indicated that the final decision rests with President Donald Trump.
"Regarding the continuation of the tariff truce, we will return to Washington and consult with the President to determine his intentions," US Trade Representative Jamieson Greer told reporters in Stockholm.
Without an extension, tariffs on goods from both countries could return to triple digits, as announced in April. However, US Treasury Secretary Scott Bessent dismissed these concerns. "The meeting was constructive. We just haven't made a formal announcement yet," he said.
Speaking to reporters aboard Air Force One on 29/7, President Trump confirmed, "Bessent called me. They had a very good meeting with the Chinese and will brief me tomorrow. Bessent seemed more optimistic than the day before."
 |
US Treasury Secretary Scott Bessent during a press conference on 29/7 in Stockholm. Photo: Reuters |
US Treasury Secretary Scott Bessent during a press conference on 29/7 in Stockholm. Photo: Reuters
The Treasury Secretary suggested that the two sides may meet again after another 90 days. Agreements regarding rare earth minerals appear more solidified after previous talks in Geneva and London. "The parties have built a good relationship based on mutual respect. I think we have a better understanding of their agenda," he stated.
China's lead negotiator, Li Chenggang, also stated that both sides fully recognize the importance of maintaining a healthy and stable economic relationship. "The US and China will maintain active dialogue and exchange views on economic and trade issues promptly. Both sides will continue to promote the stable and healthy development of bilateral trade relations," he commented.
The previous two rounds of talks in Geneva and London significantly reduced tariffs imposed by Washington and Beijing. The flow of rare earth minerals, AI chips, and various other goods between the two countries has also been restored.
"Cooperation between the US and China benefits both sides. Tension only hurts both of us," Xinhua quoted Vice Premier He Lifeng as saying after the meeting. He Lifeng emphasized that a stable, healthy, and sustainable economic and trade relationship between China and the US helps both countries achieve their development goals and promotes global economic development and stability.
This meeting also addressed several issues related to the US and Chinese economies. Bessent and Greer emphasized the need for China to shift its growth model from export-oriented manufacturing to domestic consumption, aiming to increase US exports.
The Stockholm talks could pave the way for a meeting between President Trump and Chinese President Xi Jinping. However, US officials stated that this matter was not discussed during the two-day meeting. On Air Force One, President Trump only indicated that he would meet with Xi Jinping later this year.
Yesterday, Chinese Industry Minister Li Lecheng met with a delegation of US businesses in Beijing, including Apple executives. He pledged to open the market for fair competition and support foreign businesses operating in China.
Ha Thu (Reuters, CNBC)
