Prime Minister of Sweden Ulf Kristersson. Credit: European People’s Party
Finance officials from the United States and China are set to meet in Stockholm on July 28 and 29 for high-stakes negotiations on trade tariffs, as the temporary ceasefire in the ongoing trade dispute nears its expiration.
The meeting was announced by US finance minister Scott Bessent during an interview with Fox Business. He confirmed that the talks aim to secure an extension to the current agreement, which is due to expire on Monday August 12.
“I will be in Stockholm on Monday and Tuesday with my Chinese counterparts and we will work on what is likely to become an extension,” Bessent said.
Welcome to Sweden!
Swedish prime minister Ulf Kristersson welcomed the upcoming discussions in a statement on social media. “I look forward to meeting the representatives of the USA and China on Swedish soil. Welcome to Sweden!” he posted on X, formerly known as Twitter.
In a further message, Kristersson added: “It’s good that the two countries want to meet in Sweden to seek consensus. The talks primarily concern the relationship between the USA and China, but also have great significance for global trade and the economy. To safeguard rules-based world trade and Sweden’s economic interests in a complicated world is one of the government’s top priorities.”
Wider issues on the agenda
The scope of the discussions is expected to go beyond tariffs and trade imbalances. Bessent revealed that the next round of talks could also address China’s ongoing purchases of oil from Russia and Iran, as well as US concerns over trade restrictions related to rare earth metals.
He repeated claims that former president Donald Trump’s tariff policies have helped to bring manufacturing jobs back to the United States and are generating significant revenue for the US Treasury. According to Bessent, government calculations estimate tariff income could reach $2.8 trillion over a ten-year period.
Deadline pressure
Speaking about the upcoming deadline, Bessent acknowledged that the August 1 target set by Trump is a “pretty hard” line for all involved, but insisted that further negotiation would still be possible even if tariffs are raised.
He also offered an optimistic update on parallel talks with Japan, stating: “I wouldn’t be surprised if we can get a deal with Japan quickly.”
As the ceasefire expiry date approaches, the outcome of next week’s meeting in Stockholm could prove pivotal for global trade relations and international economic stability.
