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The United States may extend a looming tariff deadline with China by another 90 days, according to US Treasury Secretary Scott Bessent, ahead of high-level trade negotiations scheduled for next week in Sweden.
Officials from both nations—representing the world’s two largest economies—are set to meet on Monday and Tuesday, with Bessent joining the US delegation and Chinese Vice Premier He Lifeng representing Beijing. The discussions aim to advance progress on several trade issues.
Speaking to Bloomberg Television on Wednesday, Bessent said that relations with China were currently on a positive trajectory.
He suggested that upcoming talks would likely go beyond earlier discussions about rare earth minerals and export restrictions, touching on broader economic topics.
When asked about the impending August 12 deadline—when temporarily reduced tariffs are due to return to their previous, higher levels—Bessent hinted that the suspension could be prolonged. “I think that we could roll it forward, maybe in a 90-day increment,” he said.
He noted that both countries had de-escalated tensions significantly and could establish a regular schedule of meetings going forward.
The two sides had imposed steep, retaliatory tariffs on each other’s exports in April, with some reaching triple-digit levels.
However, a temporary reduction was agreed upon following negotiations in Geneva, forming a short-lived truce set to lapse in mid-August.
Diplomatic efforts have continued since, including a round of talks held in London in June.
Looking ahead to next week’s meeting, Bessent said discussions may also address China’s oil imports from Russia and Iran, alongside broader security and agricultural trade issues.
He acknowledged that previous talks had hit a snag after the Geneva meeting, with the US accusing China of failing to meet agreed obligations and delaying rare earth export licenses. Nevertheless, both sides have since committed to developing a framework for implementing their agreements.
When asked about the possibility of a meeting between US President Donald Trump and Chinese President Xi Jinping, Bessent said no such summit was expected before September and offered no further updates.
Regarding China’s reported imposition of an exit ban on a US government employee, Bessent stated the matter could be raised during the talks but did not believe it was an attempt by Beijing to gain diplomatic leverage.
