US, China Nears 90-Day Tariff Deadline Extension in Stockholm Talks

U.S. and Chinese officials are preparing for high-stakes trade talks in Stockholm aimed at extending the looming August 12 tariff deadline, which if unmet, could see tariffs snap back to punitive levels of 145% by the U.S. and 125% by China. Treasury Secretary Scott Bessent emphasized the talks as part of a broader effort to rebalance trade relations, boosting Chinese consumption and revitalizing U.S. manufacturing, while describing the current trade relationship as "very good." President Trump has described relations with China as "cordial" and is open to visiting China, signaling a willingness to foster diplomatic engagement. The U.S. recently eased restrictions on Nvidia chip sales to China, signaling prioritization of economic cooperation over technological rivalry. Concurrently, Trump announced a 19% tariff rate on Philippine goods following a deal with the Philippines, and adjusted tariffs on Indonesia with terms aimed at reducing trade barriers. Swedish Prime Minister Ulf Kristersson welcomed the talks hosted by Sweden, underscoring their importance for global economic stability amid ongoing geopolitical tensions.