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.

Copied