Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.
Without an agreement, the United States and China are set to once again place historic tariffs on each other’s imports starting August 12.
Speaking to reporters from Stockholm, Treasury Secretary Scott Bessent and United States Trade Ambassador Jamieson Greer said the two-day meeting was “constructive,” but they said no decision had been made yet about whether to extend the pause on each country’s extraordinary tariffs.
“With respect to a potential pause, we’re going to head back to Washington, DC, we’re going to talk to the president, about whether that’s something that he wants to do,” Greer said. “It’s certainly something that’s under discussion.”
Li Chenggang, the International Trade Representative for the Chinese Ministry of Commerce, told reporters Tuesday that, even after the conclusion of the talks, “both sides will continue to push for the scheduled extension,” according to CCTV, a Chinese state media outlet.
Bessent disputed any notion that Li’s comments should be taken to mean that an extension was agreed upon.
“Not on our side,” Bessent said, answering a question about whether there was an agreement to extend the August 12 deadline.
In May, China agreed to lower tariffs on American goods from 125% to 10%, while the US agreed to lower tariffs on Chinese goods from 145% to 30%.
This is a developing story. It will be updated.