U.S., China Extend Tariff Truce, Seek Trade Stability Through November

The U.S. and China have extended a 90-day truce on tariffs until November, with Treasury Secretary Scott Bessent expressing satisfaction with the current trade framework, describing the status quo as "working pretty well." The Trump administration is pursuing ongoing talks with China to negotiate a lasting trade agreement while maintaining tariff revenues, which have helped offset fiscal impacts of domestic tax cuts. Bessent and other officials have highlighted productive discussions and anticipate further meetings before the truce expires. Concurrently, the U.S. is pressing China to stop purchasing Russian oil to increase pressure on Moscow amidst the Ukraine conflict, while President Trump has engaged in diplomatic talks with Russian and Ukrainian leaders to foster conflict resolution. Meanwhile, Germany has urged the avoidance of new trade barriers in response to recent U.S. tariff increases on steel and aluminum, emphasizing the importance of open and fair international trade. These developments underscore a complex global trade environment with efforts to balance economic interests and geopolitical concerns.