Prime Minister Swedish Wolf Cristerson. Credit: European People’s Party
US and China’s finance officials will meet in Stockholm on July 28th and 29th for high-stakes negotiations on trade tariffs as a temporary ceasefire in an ongoing trade dispute approaches its expiration date.
The meeting was announced by US Finance Minister Scott Becent in an interview with Fox Business. He confirmed that the consultation aims to ensure an extension of the current contract. This is scheduled to expire on Monday, August 12th.
“I will be in Stockholm with my Chinese counterpart on Monday and Tuesday. We will work on what could be an extension,” Bescent said.
Welcome to Sweden!
Swedish Prime Minister Wolf Christerson welcomed future discussions in his social media statement. “We look forward to meeting US and Chinese representatives in Swedish soil. Welcome to Sweden!” he posted on X, previously known as Twitter.
In a further message, Christerson added: “It’s good that both countries want to seek consensus in Sweden. The talks mainly involve relations between the US and China, but they have a great impact on global trade and the economy.
Broader issues on the agenda
The scope of the discussion is expected to exceed the imbalance between tariffs and trade. Bessent revealed that the next round of consultations could also address US concerns over China’s continued oil purchases from Russia and Iran and trade restrictions related to rare earth metals.
He argued that former President Donald Trump’s tariff policies have brought manufacturing jobs back to the US and earned a significant income from the US Treasury Department. According to Bessent, government calculations estimate tariff revenue could reach $2.8 trillion over a decade.
Deadline pressure
Speaking about the upcoming deadline, Bescent acknowledged that Trump’s August 1 goal set by him was a “very difficult” line for all involved, but argued that even if tariffs were raised, further negotiations were still possible.
He also provided optimistic updates on parallel consultations with Japan, saying, “I wouldn’t be surprised if I could make a deal with Japan soon.”
As the expiration date of the ceasefire approaches, the results of next week’s meeting in Stockholm could prove crucial for global trade relations and international economic stability.