US, China Agree to Continue Talks on Tariff Truce Extension

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Treasury Secretary Scott Bessent said that the US and China will continue talks over maintaining a tariff truce before it expires in two weeks and that President Donald Trump will make the final call on any extension.

Bessent, who led the US delegation with Trade Representative Jamieson Greer, said in Stockholm that he’ll brief Trump on Wednesday on the remaining issues.

“There’s still a couple of technical details to work out,” Bessent told reporters Tuesday, after two days of meetings with officials from Beijing led by Vice Premier He Lifeng.
On the heels of Washington’s preliminary tariff deals with Japan and the European Union, Bessent said his Chinese counterparts were “more of a mood for a wide-ranging discussion.”

The third round of US-China trade talks in less than three months wrapped up ahead of an Aug. 12 deadline to resolve differences during a 90-day suspension of sky-high tariffs that threatened to cut off bilateral trade between the world’s largest economies.
Adding an extra 90 days is one option, Bessent said.

Chinese trade negotiator Li Chenggang told reporters that both sides agree on maintaining the truce, without elaborating on how long. He added that the conversations in the Swedish capital were candid, in-depth and geared for continued close communication.

Today's show features:

• Bloomberg News Europe Correspondent Oliver Crook on the latest from US-China trade talks in Stockholm, Sweden
• Danielle DiMartino Booth, CEO and Chief Strategist at QI research, on the latest FOMC meeting
• Bloomberg News Boston Bureau Chief Brooke Sutherland on Boeing and UPS earnings, as well as the $72 billion megadeal between Union Pacific and Norfolk Southern
• Kabir Nath, Chief Executive Officer of Compass Pathways, on the pursuit of FDA approval of the first psychedelic treatment for certain people living with depression

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