China, US Extend Tariff Suspension 90 Days After Stockholm Talks

On July 28 and 29, high-level officials from China and the United States convened in Stockholm, Sweden, for a critical round of trade talks. The Chinese delegation was led by the Vice Premier of the State Council, while the U.S. side was represented by the Secretary of the Treasury and the U.S. Trade Representative. The discussions focused on key economic and trade issues, including the broader macroeconomic policies that impact both nations.

The talks were characterized by a frank, in-depth, and constructive exchange of views. Both sides reviewed and affirmed the progress made during previous meetings in Geneva and London, emphasizing the importance of maintaining the momentum of dialogue and cooperation. A significant outcome of the talks was the agreement to extend the suspension of 24% of the U.S. tariffs and China's retaliatory measures by an additional 90 days.

The Chinese side reiterated its commitment to a mutually beneficial trade relationship, stressing that cooperation is in the best interest of both countries. The Chinese delegation highlighted the need for mutual respect, peaceful coexistence, and a win-win approach to address each other's concerns. They emphasized that a stable, healthy, and sustainable trade relationship is not only beneficial for both countries but also for global economic stability and development.

The U.S. side also acknowledged the importance of a stable trade relationship between the two countries, expressing a willingness to continue using the bilateral trade consultation mechanism to address differences and achieve more positive outcomes. Both sides agreed to continue working towards deeper dialogue and cooperation, aiming to reduce misunderstandings and enhance mutual trust.

The talks in Stockholm were seen as a continuation of the efforts to stabilize the trade relationship between the two largest economies in the world. The constructive atmosphere and the commitment to dialogue and cooperation were viewed positively by both sides, setting the stage for future progress in resolving trade disputes and fostering a more cooperative economic relationship.