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News Topical, Digital Desk : China and America have agreed not to increase tariffs on each other for now. It has been agreed that as per the current system, America will impose a 30 percent tax on Chinese goods, while China will levy a 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 on tariffs
US officials said President Donald Trump would take the final decision on whether to extend the trade ceasefire that expires on August 12 or impose tariffs of more than 100 percent.
US Treasury Secretary Scott Bessant said the final decision on whether to extend the trade truce would rest with Trump. Bessant said there would probably be another meeting between US and Chinese officials in 90 days.
The moratorium on imposing tariffs has been extended for another 90 days
"We will report to him. Of course our meetings were constructive, but the decision will be taken by Trump. It is possible that the ban on imposing tariffs may be extended for another 90 days," US Trade Representative Jamieson Greer said after the talks at Rosenbad, the Swedish prime minister's office.
Both countries agreed to keep tariffs at the current level
China's top trade negotiator Li Chenggang said the two sides had a constructive discussion. Both countries have agreed to keep tariffs at the current level. Li also said the two sides held extensive discussions on economic issues.
The two 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 aimed at ending the impasse over tariffs.
The conversation lasted for about five hours
The first day of talks on Monday lasted about five hours behind closed doors at Sweden's prime minister's office. Before talks resume on Tuesday, Swedish Prime Minister Ulf Kristersson met with US Treasury Secretary 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 peaked 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 going to end on August 12. -
There was no discussion on the TikTok issue: Besant
According to Reuters, US Treasury Secretary Scott Bessant said on Tuesday that US-China trade talks remained far-reaching, but the future of short video app TikTok as well as the Taiwan issue were not discussed.
Besant says China could face higher tariffs if it continues to buy Russian oil. Besant said he has told Chinese officials that Beijing could face higher tariffs if it continues to buy Russian oil, given the US tariff law on banned Russian oil.
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