China, US Prolong Suspension of Trade Tariffs
(MENAFN) China and the United States reached a mutual understanding on Tuesday to prolong the suspension of tariffs and additional commercial restrictions, according to Chinese trade representative Li Chenggang during an address in Stockholm.
This mutual agreement emerged following two days of deliberations in Sweden, which were headed by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent.
The dialogue aimed to address pressing economic matters between the two major economies.
“Both sides had a comprehensive and in-depth exchange over each other’s macroeconomy,” Li stated during a press briefing in the Swedish capital, emphasizing the depth and breadth of the discussions.
“According to the consensus between China and the US, the two sides will continue to push for the continued extension of the pause on the 24% reciprocal tariffs on the US side, as well as the countermeasures on the Chinese side,” he explained, noting that both nations plan to maintain the current suspension of reciprocal trade penalties.
However, Li refrained from sharing specific information regarding the updated duration or terms of this extension.
Previously, the US had set a deadline of August 12 for China to finalize a commercial pact.
Other countries are expected to conclude similar agreements by August 1, or face unilateral tariff enforcement imposed by President Donald Trump.
The discussions held in Stockholm came after comparable sessions between He and Bessent in Geneva and London.
Li remarked that the two parties “reviewed the implementation of the Geneva and London consensus and fully recognized implementation,” acknowledging the progress made during previous diplomatic encounters.
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