Tariffs Extended For Another 90 Days; Regular Meeting Mechanism May Be Established Between China And The US

According to AFP, US Treasury Secretary Scott Bessent said in an interview recently that, to allow more time for US - China negotiations, the suspension of additional tariffs between the two sides may be extended for another three months.

US President Trump has stated that the US will impose simple tariffs of more than 15% and up to 50% on most other countries in the world. Trump also said that the US is having serious negotiations with the European Union, and if they agree to open up to US companies, the US will allow them to pay lower tariffs.

On July 23rd, a spokesperson of China's Ministry of Commerce announced that, through consultation between China and the US, He Lifeng, a member of the Political Bureau of the Central Committee and Vice - Premier of the State Council, will go to Sweden to hold economic and trade talks with the US side from July 27th to 30th. The two sides will, in accordance with the consensus reached in the phone call between the two heads - of - state on June 5th, give play to the role of the economic and trade consultation mechanism and consult on economic and trade issues based on the principles of mutual respect and other principles. According to AFP, on the same day, US Treasury Secretary Bessent also said that the suspension of additional tariffs may be extended for another three months to leave more time for the US - China negotiations.

Seeking Greater Balance between the US and China

In the first - round of negotiations in Geneva, Switzerland, in May this year, China and the US reached an important consensus and agreed to suspend the high - level tariffs previously imposed on each other's goods. This suspension measure was originally scheduled to expire on August 12th, and the agreement has been highly effective, with the tariffs on some goods of the two sides being significantly reduced.

On Wednesday, US Treasury Secretary Bessent said in an interview with Bloomberg TV that the US - China negotiations are progressing smoothly, and it is expected that a wider range of issues will be addressed to achieve greater balance between the two countries. This positive statement is in sharp contrast to the Trump administration's tough tariff policy towards other countries. Since July, the US has issued tariff ultimatums to more than 20 countries, including Japan, South Korea, and the European Union, and will impose tariffs of 15% - 50% on the goods of many countries from August 1st.

Bessent also added that China should place more emphasis on domestic consumption, and the US is willing to assist in achieving this goal. In addition, China's purchase of oil from Russia or Iran will also be one of the issues in the talks. To promote the progress of the negotiations, Bessent believes that the effective date of the tariff resumption can be postponed for 90 days, and emphasized that the two sides have taken a posture of easing the situation and are moving towards the good rhythm of establishing a regular meeting mechanism.