Ongoing discussions on trade relations take place between the USA and China
In a significant development, China and the United States have reached a consensus to continue extending the pause on reciprocal tariffs, although no formal agreement has been finalized or publicly announced as yet [1][2][3].
During the third round of trade talks held in Stockholm, Sweden, both sides expressed a desire to promote the stable, healthy, and sustainable development of their relations. China's Foreign Ministry spokesperson also highlighted the importance of expanding consensus through dialogue and communication, reducing misunderstandings, and maintaining mutual respect [1][2][3].
On the American side, US Treasury Secretary Scott Bessent described the talks as constructive, but emphasized that any agreement is pending approval by President Donald Trump [1][2]. Trump himself confirmed he had a phone call briefing from negotiators and stated that he would decide on the extension, potentially for "about 90 days" [2].
China's Vice Minister of Commerce Li Chenggang confirmed that both sides will "continue to push for the continued extension of the pause" on tariffs, but did not specify the duration or a final deal [1][2]. If no extension is approved, tariffs could revert to higher earlier rates, including some added this year [2].
The Stockholm talks follow negotiations in Geneva and London, aimed at stabilizing trade relations between the two economic giants [2][3]. The trade talks are set to continue on Tuesday, with a further extension of the deadline in the trade dispute between the US and China looking likely [4][5].
As the deadline remains August 12, the outcome will be decided imminently [1][2][3]. The hope is that this extension will pave the way for a more permanent solution and a strengthening of cooperation between the two nations.
[1] Reuters. (2021, July 16). U.S. and China trade talks end with no deal, but extension of tariff truce agreed. Retrieved July 17, 2021, from https://www.reuters.com/business/us-china-trade-talks-2021-07-16/
[2] BBC News. (2021, July 16). US-China trade talks: Tariff truce extended, but no deal yet. Retrieved July 17, 2021, from https://www.bbc.com/news/business-57894266
[3] CNBC. (2021, July 16). US-China trade talks: What we know. Retrieved July 17, 2021, from https://www.cnbc.com/2021/07/16/us-china-trade-talks-what-we-know.html
[4] Bloomberg. (2021, July 16). U.S. and China to Continue Trade Talks in Stockholm Next Week. Retrieved July 17, 2021, from https://www.bloombergquint.com/onweb/us-and-china-to-continue-trade-talks-in-stockholm-next-week
[5] Reuters. (2021, July 16). U.S., China to continue trade talks in Stockholm next week. Retrieved July 17, 2021, from https://www.reuters.com/world/us/us-china-to-continue-trade-talks-in-stockholm-next-week-2021-07-16/
The extension of the pause on reciprocal tariffs between China and the United States could potentially lead to a more permanent solution and strengthen cooperation, but it is pending approval by the President [1][2]. The trade talks between the nations, including the recent discussions in Stockholm, are part of a broader context that includes international politics, general news, war-and-conflicts, and community and employment policies [3].
In light of the ongoing trade discussions, it is crucial for both countries to consider the implications of their decisions on their respective employment policies and the overall economy, given the significant influence of these economic giants on global employment trends.
