US and Chinese officials began a second day of talks in Stockholm on Tuesday (July 29) to resolve a long-running economic dispute and de-escalate the escalating trade war between the world's two largest economies.
The meeting may not have produced any immediate breakthroughs, but the two sides could agree to a 90-day extension of the tariff truce reached in mid-May. This could also pave the way for a possible meeting between US President Donald Trump and Chinese President Xi Jinping later in the year, although Trump on Tuesday denied making any significant efforts to make it happen.
The delegates met for more than five hours on Monday at Rosenbad, the Swedish prime minister's office in downtown Stockholm.
US Treasury Secretary Scott Bessent was seen arriving at Rosenbad on Tuesday morning after a separate meeting with Swedish Prime Minister Ulf Kristersson. Chinese Vice Premier He Lifeng also arrived at the location.
Neither side made a statement following the first day of talks. China faces an August 12 deadline to reach a lasting tariff deal with the Trump administration, after reaching a preliminary agreement in May and June to end weeks of escalating tariffs and halt imports of rare earth minerals.
Without a deal, global supply chains could face renewed turmoil as US tariffs return to triple-digit levels, equivalent to a bilateral trade embargo. The Stockholm talks follow Trump's landmark trade deal with the European Union on Sunday, which imposed a 15% tariff on most EU goods exports to the United States, and a deal with Japan.
The Financial Times reported on Monday that the United States has temporarily suspended restrictions on technology exports to China to avoid disrupting trade talks with Beijing and support Trump's efforts to secure a meeting with Xi this year.
Trump dismissed suggestions that he wants to meet Xi. "This is not true, I am not LOOKING for anything! I may go to China, but only at President Xi's invitation, which has been extended. Otherwise, there is no interest!" he wrote on Truth Social. (alg)
Source: Reuters
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