China and America have agreed not to increase tariffs on each other for the time being. It has been agreed that according to the current system, America will impose 30 percent tax on Chinese goods, while China will levy 10 percent duty on American products. This agreement was reached after two days of talks in Stockholm. However, no major breakthrough was announced.
China and America have agreed not to increase tariffs on each other for the time being. It has been agreed that according to the current system, America will impose 30 percent tax on Chinese goods, while China will levy 10 percent duty on American products. This agreement was reached after two days of talks in Stockholm. However, no major breakthrough was announced.
Trump will take the final decision regarding tariffs
American officials said that President Donald Trump will take the final decision on extending the trade ceasefire ending on August 12 or imposing tariffs of more than 100 percent.
American Finance Minister Scott Besant said that the final decision on extending or not extending the trade ceasefire will be Trump’s. Besant said that there will probably be another meeting between US and Chinese officials in 90 days.
The ban on imposing tariffs has been extended for another 90 days
After the talks at Rosenbad, the office of the Swedish Prime Minister, US Trade Representative Jamieson Greer said, “We will report to him. Of course our meetings were constructive, but Trump will take the decision. It is possible that the ban on imposing tariffs may be extended for another 90 days.”
Both countries agreed to keep tariffs at the current level
China’s top trade negotiator Li Chenggang said that there was a constructive discussion between the two sides. Both countries have agreed to keep tariffs at the current level. Li also said that both sides had a comprehensive discussion on economic issues.
Both countries have agreed to maintain dialogue with each other on trade and economic issues. Chinese and US trade officials attended trade talks in the Swedish capital on Monday and Tuesday. Its aim was to end the deadlock on tariffs.
The talks lasted for about five hours
The first day of the talks on Monday was held behind closed doors at the Swedish Prime Minister’s Office for about five hours. Before the talks resume on Tuesday, Swedish Prime Minister Ulf Kristersson met with US Finance Minister Scott Bessant and US Trade Representative Jamieson Greer.
Since US President Donald Trump announced tariffs on several countries in April, the US has reached tariff agreements with some of its major trading partners, including Britain, Japan and the European Union.
The US-China tariff dispute was at its peak in April
It is worth noting that the US-China tariff dispute was at its peak in April. During bilateral talks in Geneva in May, both sides agreed to reduce tensions and refrain from imposing more than 100 percent tariffs on each other for 90 days. This deadline is set to expire on August 12. –
TikTok issue not discussed: Bessant
According to Reuters, US Finance Minister Scott Bessant said on Tuesday that the US-China trade talks were far-reaching, but the future of short video app TikTok as well as the Taiwan issue were not discussed.
Bessant says that if China continues to buy Russian oil, it may face high tariffs. Bessant said that he has told Chinese officials that if Beijing continues to buy Russian oil, given the US tariff law on banned Russian oil, it may face high tariffs.
