Trade Tensions: Trump's Next Move in U.S.-China Tariff Deadline
U.S. President Donald Trump avoided confirming an extension of the August 12 deadline for increased tariffs on Chinese goods. He praised China's cooperation in trade talks but hinted at possible concessions. The current tariff truce could end, escalating tariffs between both countries. U.S.-China trade negotiations remain uncertain.
U.S. President Donald Trump sidestepped addressing whether he would extend the looming August 12 deadline for imposing hefty tariffs on Chinese goods during a Monday news conference. He praised China's engagement in ongoing trade negotiations, remarking, "We'll see what happens," in response to inquiries.
The existing tariff truce, which has been in effect since May following meetings in Geneva, is drawing to a close. Without an extension, U.S. tariffs on Chinese imports could surge to 145%, with reciprocal Chinese tariffs on U.S. exports potentially reaching 125%. Despite positive progress, such as a face-to-face meeting in Stockholm, an agreement to continue the deadline remains undeclared.
Additionally, Trump urged China over the weekend to significantly increase its soybean purchases, aiming for a substantial uptick in U.S. agricultural exports, though he didn't reiterate this demand on Monday. Meanwhile, U.S. Treasury Secretary Scott Bessent remains hopeful about reaching an amicable solution.
(With inputs from agencies.)
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