On the 29th, China and the US entered the second day of talks on tariffs in Stockholm, the capital of Sweden. Li Chenggang, China’s international trade negotiator and Vice Minister of Commerce, stated that over the past day and a half, the China-US economic and trade teams, following the consensus from the two heads of state’s phone conversation on June 5, continued to utilize the China-US economic and trade consultation mechanism, conducting deep, frank, and constructive exchanges on major issues of mutual concern.
According to Xinhua News Agency, Li Chenggang said that based on the consensus between China and the US, both sides will continue to promote the extension of the 24% portion of countervailing tariffs already suspended by the US, as well as China’s countermeasures. The China-US economic and trade teams will continue to maintain close communication, exchange views on economic and trade issues in a timely manner, and continue to promote the stable and healthy development of bilateral economic and trade relations.
Foreign media also reported that Li Chenggang stated both sides recognized the importance of maintaining a healthy and stable relationship, exchanged frank views on economic and trade issues, and will continue to promote the extension of the suspension period for “reciprocal” tariffs and China’s countermeasures.
● Bessonet: Both Sides May Meet Again in About 90 Days
On the US side, US Commerce Secretary Bessonet and US Trade Representative Greer pointed out at the post-meeting press conference that both sides may meet again in about 90 days. This suggests that China and the US are likely to extend the trade “truce” regarding tariffs for another three months.
In April, US President Trump announced so-called “reciprocal tariffs” on dozens of countries, resulting in China and the US imposing tariffs as high as triple digits on each other. In May, at talks in Geneva, the two parties agreed to a 90-day “truce” until August 12, with the current levels being a 30% US tariff on Chinese goods and a 10% Chinese tariff on US goods.