While the U.S. and China have announced several trade agreements, the two sides have yet to strike a solid deal. In May, the U.S. said it would provide China with a 90-day tariff pause in order to continue negotiations. That pushed the deadline to August 12, although another extension could be on the way.
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In an interview with Fox Business, Treasury Secretary Scott Bessent said the U.S. will “be working out what is likely an extension” with China.
U.S.-China Trade Representatives to Hold Meeting
Bessent added that trade officials from the countries will meet next week to discuss the tariff extension and continue trade talks. “We’re going to be able to get a lot of things done, now that trade has kind of settled in at a good level,” he said.
During the meeting, Bessent plans to discuss the Russia-Ukraine war and China’s purchases of Russian and Iranian oil. He also aims to address Beijing’s strong manufacturing position and how the country can transition to a “consumer economy.”
The Dow Jones (DJIA) is up by 0.14% at the time of writing.
