Stockholm(Sweden): Top trade officials from China and the United States arrived for a new round of talks in Stockholm Monday in a bid to ease tensions over trade between the world’s two biggest national economies.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting at the offices of Sweden’s prime minister for talks that Bessent has said will likely to lead to an extension of current tariff levels.
Analysts say the two envoys could set the stage for a possible meeting between US President Donald Trump and Chinese President Xi Jinping later this year to cement a recent thaw in trade tensions.
The talks are the third this year between He and Bessent — nearly four months after Trump upended global trade with his sweeping tariff proposals, including an import tax that shot up to 145 per cent on Chinese goods. China quickly retaliated, sending global financial markets into a temporary tailspin.
The Stockholm meeting — following similar talks in Geneva and London in recent months — is set to extend a 90-day pause on those tariffs. During the pause, US tariffs were lowered to 30 per cent on Chinese goods, and China set a 10 per cent tariff on US products.
The Trump administration, fresh off a deal on tariffs with the European Union, wants to reduce a trade deficit that came in at USD 904 billion overall last year — including a nearly USD 300 billion trade deficit with China alone.
PTI
