US-China Tariff Truce Hangs in the Balance as August Deadline Looms

A flurry of headlines reveals that the US and China are engaged in high-stakes trade negotiations ahead of an August 1 deadline, when steep new tariffs could take effect. US Treasury Secretary Scott Bessent is set to meet his Chinese counterpart in Stockholm to discuss extending the tariff truce, signaling that both sides may be open to more time for talks. The Trump administration is emphasizing the quality of trade agreements over speed, using the looming tariffs as leverage in negotiations with China and other major partners like the EU, Canada, and Japan. While some deals have been struck with countries like Japan and the Philippines, tensions remain high, with threats of retaliatory tariffs from the EU if no agreement is reached. The outcome of these talks could have significant impacts on global trade, markets, and diplomatic relations.