• US Treasury Secretary Scott Bessent to meet Chinese officials for potential tariff deadline extension.
• Meetings scheduled in Stockholm on Monday and Tuesday, focusing on reducing tariffs.
• Bessent emphasizes the importance of addressing China’s manufacturing and its purchase of sanctioned oil.
• Sweden's Prime Minister confirms hosting the significant trade discussions.
• Recent trade relations have improved, fostering a constructive dialogue between the two nations.

U.S. Treasury Secretary Scott Bessent announced that he will be meeting with his Chinese counterparts next week in Stockholm to discuss what is likely to be an extension of the August 12 deadline for higher tariffs. In an interview, Bessent expressed optimism about U.S.-China trade relations, stating, "I think trade is in a very good place with China," and that the upcoming talks would be crucial for both nations as trade has "settled in at a good level," according to Reuters and Channel News Asia.

During the discussions, Bessent plans to address critical issues such as reducing China's reliance on manufacturing and its purchases of sanctioned oil from Russia and Iran. He highlighted the importance of decreasing China's glut of manufacturing to foster a consumer-driven economy, indicating, “Hopefully, we can see the Chinese pull back on some of this glut of manufacturing that they're doing," according to SCMP and Anadolu Agency.

Swedish Prime Minister Ulf Kristersson confirmed that Sweden would host these significant talks, underscoring the meetings' major impact on global trade and the world economy. He emphasized the importance of protecting rules-based trade within the current complicated international situation, stating, “Protecting rules-based global trade and Sweden’s economic interests is one of the Government’s top priorities,” according to SCMP and Reuters.

The upcoming meetings follow previous discussions between Bessent and Chinese officials, which have contributed to an easing of trade tensions. Both countries previously agreed to a 90-day suspension of steep tariffs, marking a tentative step toward stabilization in their economic interactions. Bessent pointed out potential “a rash of trade deals” with various countries, indicating positive developments in the broader context of U.S. trade policy, as noted by Channel News Asia and Anadolu Agency.