U.S.-China trade talks ends without an agreement to extend the current tariff truce

On Tuesday, Li Lecheng said China wants fair growth with U.S. firms, even as Stockholm talks failed to extend the tariff pause.

Li hosted a delegation headed by FedEx Chief Executive Rajesh Subramaniam, who also serves as chair of the U.S.-China Business Council. Attendees, as reported by Bloomberg, included representatives from Apple, Thermo Fisher Scientific and Otis Worldwide.

Li outlined advances in China’s machinery-equipment sector, described the country’s transition toward smart manufacturing, and provided guidance on how overseas companies can operate successfully in China.

He underscored that his ministry is committed to preserving an equitable, transparent environment for foreign businesses, and he urged additional U.S. investors to boost their involvement in China’s ongoing industrial growth.

Meanwhile, in Stockholm, U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held their latest round of trade discussions. The agenda covered U.S. tariffs aimed at curbing fentanyl trafficking, China’s purchases of oil from Russia and Iran that are under sanctions, semiconductor issues, including a plan to resume exports of Nvidia’s AI chips to China.

After two days of meetings, U.S. Trade Representative Jamieson Greer said negotiators had no immediate deal on extending a pause in tariffs.

“We’re going to head back to Washington DC and we’re going to talk to the president about whether that’s something he wants to do,” Greer said. He added, “The president can make a final call.”

Treasury Secretary Bessent described the talks as “a very fulsome two days” and said a further 90‑day tariff pause was still on the table, with the overall tone “very constructive.”

Asked later about the outlook, President Trump, speaking from Air Force One, said he had just spoken to Bessent and would decide after a briefing, noting that Bessent had “felt good” about the meeting.

Beijing supports extension while the U.S. warns of risks

Chinese trade negotiator Li Chenggang told reporters that “the two sides will continue to push for the continued extension of the pause.”

But U.S. officials cautioned that current tariff rates could “boomerang” back to higher levels seen in April if Trump chose not to extend the break. Nothing is final until the president signs off, they said.

Bessent said the talks didn’t include a direct meeting between the two presidents.

If no extension is granted, headline duties of 30%  on Chinese imports and 10% on U.S. goods, with some sector‑specific tariffs pushing those rates even higher, would automatically rise on August 12.

This was the third time U.S. and Chinese trade teams have met in recent months, following sessions in Geneva and London.

He Lifeng led the Chinese side in Stockholm, joined by Li Chenggang, who said the talks involved “candid exchanges over each other’s trade and economic concerns.”

“Both sides reviewed the implementation of the Geneva and London consensus and fully recognized the implementation,” Li told reporters. He added that “the two economic and trade teams will continue to maintain close communication.”

The lack of a tariff announcement came after several conciliatory signals from the U.S. side. The  Trump officials have held off on some tech export controls to aid talks. Meanwhile, Taiwan’s President Lai Ching‑te canceled a trip to Latin America that would have stopped in the U.S., a move that had upset Beijing.

At the same time, on Sunday, the U.S. and the EU agreed to a 15% tariff on certain goods, but many details are still undecided.

A different deadline looms this Friday for other trading partners, including India, Canada, Taiwan, Mexico, and South Korea, all seeking reciprocal tariff deals before Trump’s self‑imposed cutoff. Trump has said he will send letters to many nations in the coming days to announce tariffs in the 15–20% range if no agreement is reached.

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