U.S. Treasury Secretary Scott Bessent said on Tuesday that he plans to meet with his Chinese counterpart next week to discuss a likely extension of the 12 August tariff hike deadline.
Speaking on Fox Business Network’s Mornings With Maria, Bessent described current trade relations with China as being in “a very good place,” and confirmed that the meetings would take place in Stockholm next Monday and Tuesday.
“We’ve reached a new, constructive phase with China,” he said. “Now that trade has stabilised, we’re in a position to make real progress.”
While previous talks focused primarily on resuming the flow of Chinese rare earth minerals and U.S. semiconductor-related exports, Bessent said the upcoming discussions would address broader concerns including China’s dependency on manufacturing and its need to shift towards a consumer-driven economy.
“We’d like to see China ease up on the overproduction and focus more on domestic consumption,” he added.
Bessent also said he intends to warn China about its continued imports of sanctioned Russian and Iranian oil, as well as its alleged support for Russia’s war in Ukraine.
He noted that there is bipartisan backing in the U.S. Senate for legislation that would impose 100% tariffs on imports from countries still purchasing Russian oil, specifically naming China and India.
“I’ll also be engaging with European counterparts. Europe has been vocal about sanctioning Russia, and we’ll be encouraging them to match that rhetoric with strong secondary tariffs,” Bessent said.
He added that the U.S. is preparing to unveil “a series of trade agreements” with various nations, potentially including Japan, despite political challenges and tough negotiations.
“I wouldn’t be surprised if we reach an agreement with Japan soon,” he said.
Bessent acknowledged that for most countries, existing tariffs could revert to pre-April 2 levels down from the current 10% though trade talks would continue in parallel.
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A 77-year-old man and a 63-year-old woman were killed on Monday (4 May), after a man drove a car into a crowd on a pedestrianised street in the the eastern German city of Leipzig, authorities said.
At a time when geopolitical tensions continue to ripple across multiple regions, from Ukraine to the Middle East, the South Caucasus once again finds itself at the crossroads of diplomacy and uncertainty.
Austria has expelled three diplomats from the Russian Embassy over concerns that satellite installations on diplomatic buildings could be used for espionage.
A Russian missile strike killed six people in Ukraine’s Kharkiv region on Monday (4 May), as Kyiv reported fresh attacks on energy infrastructure and a sharp rise in drone strikes on ports.
A 77-year-old man and a 63-year-old woman were killed on Monday (4 May), after a man drove a car into a crowd on a pedestrianised street in the the eastern German city of Leipzig, authorities said.
Iran warned Armerican forces on Monday (4 May) not to enter the Strait of Hormuz, after the U.S. said it had launched a mission to try and reopen the sea passage. Meanwhile, Iran's Foreign Minister said there was no military solution to the Middle East conflict.
China has moved to block U.S. sanctions on five of its oil refineries, in a fresh escalation of tensions over trade and energy policy.
U.S. President Donald Trump has said he will “soon be reviewing” a new 14-point proposal sent by Iran, casting doubt on the chances of a deal after Tehran called for security guarantees, an end to naval blockades and a halt to the war across the region, including in Lebanon.
Ukraine has launched a new wave of drone strikes on Sunday (3 May) across Russia, hitting key infrastructure and causing casualties in several regions, officials on both sides said.
A 77-year-old man and a 63-year-old woman were killed on Monday (4 May), after a man drove a car into a crowd on a pedestrianised street in the the eastern German city of Leipzig, authorities said.
Austria has expelled three diplomats from the Russian Embassy over concerns that satellite installations on diplomatic buildings could be used for espionage.
A Russian missile strike killed six people in Ukraine’s Kharkiv region on Monday (4 May), as Kyiv reported fresh attacks on energy infrastructure and a sharp rise in drone strikes on ports.
Australia and Japan agreed on Monday to deepen cooperation on energy and critical minerals, as Japan’s Prime Minister Sanae Takaichi met her Australian counterpart Anthony Albanese during a three-day visit.
Australia began public hearings on Monday in an inquiry into the Bondi Beach mass shooting in December, with Jewish Australians giving evidence about their experiences of rising domestic antisemitism.
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