US Trade Talks with China Result in ‘No Agreement’ as August Deadline Approaches. There was a high-level trade negotiation concluded in Stockholm between the United States and China this week.
However, the US-China meeting did not reach any conclusion on how to prevent mounting tariffs. US-led delegations, headed by US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, called the meetings “constructive.” But both of them confirmed that the final decisions will be taken by President Donald Trump.
There was no formal agreement signed to hold the current trade tariff rates, which have previously reached as high as 145% on Chinese goods to the US and 125% on American exports to China.
Tariffs could probably escalate to near-peak levels if there is no intervention in the meantime.
Li Chenggang, China’s International Trade Representative, showed optimism about a possible delay, though Bessent said that no final promises had been made yet.
Nothing is agreed until we speak with President Trump – Scott Bessent, US Treasury Secretary
It is expected that President Donald Trump will review the matter this week to come to a conclusion.
Tariff Pressures Rise Over Sanctioned Oil, Rare Earths
US-China talks also addressed ongoing geopolitical trade tensions in a comprehensive way. This included purchasing oil from Russia and Iran, which the US has sanctioned to put pressure on Russia over its war with Ukraine.
Bessent warned China that if it continues its imports from Russia, a secondary tariff of 500% could be imposed, based on US legislation.
However, China’s export controls on rare-earth minerals were also in focus. These materials are critical to electronics manufacturing globally. Despite previous agreements, US officials say assured rare-earth supplies remain tightly controlled.
Technology, Trade Balancing, and Global Agreements
US-China trade talks did not include digital trade matters like the ban on Chinese TikTok and other companies. Meanwhile, the Trump administration declared new tariff agreements with the European Union, regulating tariff rates from a projected 30% to 15%.
However, other deals involving the United States, including those with Vietnam, remain unclear pending confirmation.
Also Read: US-EU Trade Deal: Is It A Benchmark Ahead Of US-China Negotiations?
