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🔷 THE US SECRETARY OF THE TREASURY HOPES TO EXTEND THE TRADE DEADLINE WITH CHINA 🇺🇸🇨🇳
🔹 U.S. Treasury Secretary Scott Bessent stated that he is likely to unify the upcoming trade deadline of President Donald Trump with China during meetings in Stockholm, Sweden next week.
🔹 In mid-May, the two countries agreed to suspend most of the high tariffs for 90 days to continue trade negotiations. This suspension agreement will expire on August 12.
🔹 Mr. Bessent told Fox Business that "we will work towards reaching an extension agreement" during meetings on Monday and Tuesday, as he believes that US-China trade relations are currently "in a very good state."
🔹 He also hopes that the negotiations will address issues such as:
— Reduce the situation of excess production in China
— Encourage China to develop its domestic consumption economy
— Discussing China's purchase of oil from Russia and Iran which are under sanctions.
— Clarify China's role in supporting Russia in the war in Ukraine
🔹 He stated that the relationship with China has now reached a "very constructive" level and "we will be able to accomplish a lot."