China, US agree to extend tariff truce

ISTANBUL

China and the US on Tuesday agreed to extend the pause on tariffs and other trade measures, Chinese trade tsar Li Chenggang said in Stockholm.

The consensus was reached after two days of talks in Sweden led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent.

“Both sides had a comprehensive and in-depth exchange over each other’s macroeconomy,” Li told a news conference in the Swedish capital.

“According to the consensus between China and the US, the two sides will continue to push for the continued extension of the pause on the 24% reciprocal tariffs on the US side, as well as the countermeasures on the Chinese side,” he said.

Li, however, did not divulge details of the new pause.

The US had set a deadline of Aug. 12 for China to reach a trade deal.

Other nations must seal such a deal by Aug. 1, or else President Donald Trump’s unilateral tariffs will take effect.

Talks in Stockholm followed similar gatherings by He and Bessent in Geneva and the British capital London.

The two sides “reviewed the implementation of the Geneva and London consensus and fully recognized implementation,” said Li.

He said Chinese and American economic and trade teams “will continue to maintain close communication and have timely exchanges on trade and economic topics.”

“Both sides are fully aware of the importance of safeguarding a stable and sound China-US trade economic relationship,” said Li, describing talks as “candid and in-depth.”

He said the two sides discussed trade and economic concerns, adding that China “will continue to push for the stable and sound development of our bilateral trade and economic relationship.”

The world’s top two economies were engaged in a tariff war, initiated by Trump, roiling markets before a mutual rollback of staggering levies.

Trump has reached deals with the UK, Japan, the EU, and many other nations, and continues to hold talks.