As the August 1 deadline for steep new US tariffs approaches, Treasury Secretary Scott Bessent has signaled that the US is likely to extend the deadline for a trade deal with China. Bessent emphasized that the Trump administration is prioritizing the quality of trade agreements over rushing to meet the deadline, even as pressure mounts on multiple fronts. Upcoming talks in Stockholm will focus on avoiding higher tariffs and may also address broader issues, including China's purchases of Russian and Iranian oil. While some tariffs are set to take effect for other countries, negotiations with China remain more constructive, with both sides seeking to avoid escalation. The administration views the looming tariff hikes as leverage to secure better deals, but insists that any agreement must be comprehensive and high-quality.
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