Jamey Keaten, Associated Press
STOCKHOLM, Sweden (AP) – Top Chinese and US trade officials arrived at new talks in Stockholm on Monday, bidding to ease tensions over tariffs between the world’s two largest national economies.
US Treasury Secretary Scott Bescent and Chinese Deputy Prime Minister Lifeng had met in the Swedish prime minister’s office for two days of talks that Bescent said would likely lead to an extension of current tariff levels.
Prime Minister Ulf Kristersson greeted him, followed by Bessent and US trade representative Jamieson Greer as the two teams arrived in separate cars.
Analysts say the talks led by Bescent can set the stage for a possible meeting between US President Donald Trump and Chinese President Xi Jinping.
Consultations are the third type of this year. It’s almost four months after Trump disrupts global trade with his sweeping tariff proposal, including import taxes that rose up by up to 145% on Chinese goods. China retaliated and sent global financial markets to a temporary tailspin.
The Stockholm Conference is set to extend the 90-day suspension of those tariffs, following similar talks in Geneva and London in recent months. During the suspension, US tariffs were reduced to 30% for Chinese products, and China set a 10% tariff on US products.
The Trump administration hopes to remove a new tariff contract with the European Union and reduce the trade deficit of $940 billion over the past year.
China’s Commerce Ministry said last week it would raise common concerns through the principles of “mutual respect, peaceful coexistence and cooperation that is beneficial to both parties.”
On Friday, Trump told reporters, “We have the scope of our dealings with China.” Just two days after Bessent told MSNBC that “current status” had reached between the two sides. Without the extension of the suspension, each tariff level could have returned to a penalty high rate.
While the Chinese side has provided little guidance on the details of its purpose in Stockholm, Bescent suggests that the situation is stable to the point that China and the US can look to the long-term balance between the two economies.
For years, since China bounced back into the world trading system about 20 years ago, the US has called on various Beijing leaders to encourage more consumption in China and to rob access to foreign-made markets, including the United States.
Other points of attachment in the relationship include China’s overpower, the world’s largest manufacturer, and concerns about whether Beijing is doing enough to control the chemicals used to manufacture fentanyl, analysts say.
Sean Stein, chairman of the US-China Business Council, said Stockholm could be the first real opportunity for two governments to address structural reform issues, including market access in China for US companies.
The companies that want to come out of Stockholm are primarily “atmosphere” and how both parties characterise the argument. They will also look for clues about the potential leader’s summit.
In Stockholm, Beijing could require the removal of the 20% fentanyl-related tariffs Trump imposed earlier this year, said San Yun, director of the China program at the Washington-based Stimson Center.
Bescent also said that Stockholm’s speech could address Chinese purchases of Russian and Iranian oil.
Washington’s Diddy Tan and Josh Bork contributed to the report in Ken Moritug, Beijing.
Original issue: July 28, 2025 9am Edit
