Top U.S. and Chinese officials are meeting in Stockholm this week in an effort to extend a temporary tariff freeze and ease mounting economic tensions, according to Bloomberg News.
The talks are scheduled for Monday and Tuesday, with Treasury Secretary Scott Bessent representing the U.S. and Vice Premier He Lifeng leading the Chinese delegation, Bloomberg News reported. The latest meetings mark the third round of face-to-face negotiations between the two sides in just under three months, as China faces an Aug. 12 deadline to secure an agreement before higher tariff rates take effect.
“I think trade is in a very good place with China,” Bessent told reporters in the lead up to the trade talks, adding that the current tariff pause is “likely” to be extended, according to Bloomberg News.
The Trump administration secured a temporary deal with Beijing in June, which solidified China’s commitments to ease export controls on rare earth elements used in weapon systems, cars and other advanced technologies. Beijing initially imposed new export controls on several rare earth elements in April in response to President Donald Trump’s “Liberation Day” tariffs on Chinese goods.
In exchange for China’s June concessions, the Trump administration agreed to lift restrictions on the exports of chip design software and allowed major U.S. chip company Nvidia to resume sales of its H20 artificial intelligence chip to China.
The issue of fentanyl trafficking also remains a key flashpoint between the two countries, as Beijing seeks the removal of the 20% fentanyl-related tariff imposed by the Trump administration, according to Bloomberg News. The Trump administration has accused Beijing of turning a blind eye as Chinese producers funnel fentanyl ingredients to drug cartels, which then smuggle the substance across the southern border where it kills tens of thousands of Americans annually.
Though China denies direct responsibility, it recently announced tighter controls on two fentanyl-related chemicals.
Meanwhile, Trump announced a deal with the European Union on Sunday that will impose a 15% tariff on E.U. imports to the U.S. and on large-scale purchases of American energy and military equipment. Other major trading partners, such as Japan and the U.K., have secured trade deals ahead of the Aug. 1 deadline to finalize agreements before steep new tariffs take effect.
The talks in Stockholm could pave the way for a potential summit between Trump and Chinese President Xi Jinping, possibly later this year.
“President Xi has invited me to China, and we’ll probably be doing that in the not-too-distant future,” Trump told reporters on July 22. “A little bit out, but not too distant. And I’ve been invited by a lot of people, and we’ll make those decisions pretty soon.”
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