US-China Trade Talks: Tariff Deadline Extension Possible

Treasury Secretary Signals Openness to 90-Day Tariff Rolls

As high-stakes trade discussions between the United States and China loom, a key tariff deadline might be postponed. US Treasury Secretary Scott Bessent indicated that the current tariff rates could be extended in 90-day intervals.

High-Level Negotiations Ahead

Top officials from the two global economic powerhouses are scheduled to convene in Sweden next week. Scott Bessent will represent the U.S. delegation, while China’s Vice Premier He Lifeng is expected to attend the crucial talks.

Optimism for Broader Discussions

Speaking on Wednesday, Bessent expressed a positive outlook on the current relationship. “We’re in a very good place with China now,” he stated, suggesting that discussions would move beyond specific issues like rare earths and export controls to encompass larger economic strategies.

“I think that we could roll it forward, maybe in a 90-day increment.”

—Scott Bessent, US Treasury Secretary

This potential extension comes ahead of an August 12 deadline, when previously reduced reciprocal tariffs are slated to revert to higher levels. Both nations had previously agreed to temporarily lower these duties following negotiations in Geneva, after initially implementing escalating tariffs in April.

The agreement that led to the temporary tariff reduction was reached after discussions in Geneva and followed earlier meetings in London in June. This current truce is set to expire next month.

The United States and China have been engaged in a trade dispute characterized by tit-for-tat tariffs. In 2023, the total value of goods traded between the two nations, excluding services, amounted to $663.9 billion, a decrease from previous years, highlighting the impact of ongoing trade tensions on bilateral commerce (U.S. Census Bureau).