Washington [US], July 31: US and Chinese officials ended two days of trade talks in Sweden without reaching any breakthrough agreement.
After two days of negotiations in Stockholm, Sweden, US Trade Representative Jamieson Greer said he would return to Washington DC and report to President Donald Trump to await the leader's next decision, according to Yahoo Finance . "The president can make a final decision," said Mr. Greer.
US Treasury Secretary Scott Bessent called the last two days of talks with China "very productive and constructive". He said there was still a possibility that the two sides would continue to suspend tariffs for another 90 days, but President Trump would have the final say.
The two countries previously agreed to a 90-day trade truce that will expire on August 12. Mr. Bessent said that if the two sides do not reach an agreement to extend it by then, US tariffs on Chinese goods will return to the levels they were in April.
At that time, Mr. Trump announced a 34% tariff on most Chinese goods. A week later, he increased it to 125%, not including a 20% tariff related to the banned drug fentanyl. China responded with higher tariffs on American goods. The two sides agreed to suspend most tariffs in May after a round of talks in Switzerland.
In an interview on Air Force One on July 29, President Trump said he had received a call from Secretary Bessent and said the meeting with China went very well, according to CNBC. Mr. Trump said he would wait to hear a report on the trade negotiations from the two officials on July 30 before making a decision.
Meanwhile, Li Chenggang, the Chinese negotiator, said that both sides agreed to continue pushing for a 90-day extension of the tariff suspension. He noted that both sides fully recognize the importance of maintaining a stable and healthy economic and trade relationship.On the other hand, US Secretary Bessent said he had warned Chinese officials that if the country bought embargoed Russian oil, it could be heavily taxed under a bill pending in the US Congress. China responded that it was a sovereign country and its oil purchases were based on internal policy.
Source: Thanh Nien Newspaper