AsianFin -- U.S. Treasury Secretary Scott Bessent on Tuesday saw an extension of an August 12 deadline for higher tariffs could be one of results of the upcoming new meeting between the Trump administration and China.
Credit：Xinhua News Agency
Bessent in an interview with Fox Business on Tuesday said he and other U.S. officials will meet with their Chinese counterparts next Monday and Tuesday. “We’ll be working out what is likely an extension” during talks in Stockholm, said Bessent. He also expressed upbeat on the trade with China. “I think trade is in a very good place with China,” said the Treasury chief.
Besides the possible tariff deadline extension, Bessent signaled the talks may help reach sort of agreements such as getting China to slow the “glut of manufacturing that they’re doing and concentrate on building a consumer economy.”
Bessent on Tuesday said U.S. and Chinese officials during the new talks could discuss China’s purchase of sanctioned Russian oil and Iranian oil. He repeated the issue on Wedneday, stating Washington wants to discuss China’s buying oil from Russia and Iran, two countries whose energy exports have been subject to U.S. sanctions. He added that “what they’re doing to aid Russia” in its invasion of Ukraine is also a topic that Washington wants to discuss.
Swedish Prime Minister Ulf Kristersson later Tuesday confirmed his country would host the new round of U.S.-China talks. “It is positive that both countries wish to meet in Sweden to seek mutual understanding,” Kristersson said on X. He noted the talks are not important for the U.S.-China relationship, but also “have significant importance for global trade and the economy.”
Beijing and Washington had finalized implementation details for a consensus on trade reached by Chinese leader Xi Jinping and U.S. President Donald Trump, a spokesperson for China's embassy in Washington said following Bessent’s remarks. The spokesperson added “please stay tune for further developments”, without elaborating.
Commenting on Bessent’s remark about the next round talks with China could include a discussion of China’s purchases of Russian and Iranian oil, Chinese Foreign Ministry spokesperson Guo Jiakun said Beijing hopes the U.S. will work with it to implement the important common understandings reached by the two presidents during the phone call. China also hopes the U.S. will work together to give play to the role of the economic and trade consultation mechanism, build up consensus, reduce misunderstanding, and step up cooperation through communication and dialogue, and promote the steady, sound, and sustainable development of bilateral relations, said Guo.
Bessent two weeks ago saw meeting with Chinese officials in the coming weeks. He said on July 7 that he expected to meet with Chinese officials over “the next couple weeks” to discuss trade and other issues on.
Bessent touted the high-level trade talks in mid-May in Geneva and from June 9 to 10 in London that he joined in. “We had good meetings in Geneva and London,” Bessent told CNBC. “We both approached it with great respect, the two largest economies, and I think there are things for us to do together if the Chinese want to do it, so we will discuss whether we are able to move beyond trade into other areas.”
While Bessent didn’t identify the Chinese counterparts by name that he will talk with in the near term, the state-backed newspaper the Global Times on July 8 cited Chinese experts that his remarks underscored the importance of the economic and trade relationship between China and the U.S., and indicated a potential shift in the Washington's approach to trade negotiations with China.
Following the London talks, both China and the U.S. began fulfilling their commitments and implementing the consensus, easing pressure on bilateral relations and laying a foundation for more stable development, but that does not mean that the two sides have entered into a state of active communication or cooperation, according to the Global Times. It noted that Bessent's announcement of further consultations suggested that these talks have been coordinated with China. It said that Chinese experts expect that the next round of talks could cover a broader range of issues beyond trade, including investment, currency, high-technology exports, and energy procurement.
