China, US extend pause on 24% reciprocal tariffs

China and the US have agreed to extend the pause on 24% reciprocal tariffs after two days of trade talks in Sweden, Chinese trade official Li Chenggang announced Tuesday.

The breakthrough came after negotiations in Stockholm, led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent. Li Chenggang, China’s trade representative, told reporters that both countries “had a comprehensive and in-depth exchange over each other’s macroeconomy”.

“According to the consensus between China and the US, the two sides will continue to push for the continued extension of the pause on the 24% reciprocal tariffs on the US side, as well as the countermeasures on the Chinese side,” he said.

While Li declined to provide specific details of the extension, the announcement comes just weeks before a U.S.-set deadline of 12 August for China to reach a trade agreement. President Donald Trump has warned that if deals are not secured with other countries by 1 August, new unilateral tariffs will take effect.

The Stockholm discussions followed earlier rounds of talks in Geneva and London. According to Li, both delegations “reviewed the implementation of the Geneva and London consensus and fully recognized implementation”.

Chinese and American economic teams will continue to remain in close contact, with timely exchanges on trade and economic topics, he added.

“Both sides are fully aware of the importance of safeguarding a stable and sound China-US trade economic relationship,” said Li, who described the tone of talks as “candid and in-depth.”

The US and China, the world’s two largest economies, were previously locked in a prolonged tariff conflict, initiated by President Trump, that unsettled global markets before both sides agreed to a partial rollback of tariffs.

Trump has already struck trade deals with the United Kingdom, European Union, Japan and others, while continuing negotiations with countries yet to finalise arrangements.

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