Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

Bessent confirmed that a 90-day extension on the current Aug. 12 deadline to reach a deal is possible. Tariffs on Chinese imports are currently set at 30%, but President Donald Trump has threatened to raise that amount to as much as 145% if a deal isn’t reached.

US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks aimed at extending a tariff truce and widening the discussions.