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US-China, new talks in Stockholm: ‘Close to an agreement on tariffs’

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Today marks the third round of negotiations in less than three months. Washington aims to extend the truce, while Beijing calls for the removal of remaining tariffs and fewer technological restrictions.

Talks between the United States and China resume today, Monday 28 July, in Stockholm, focusing on the sensitive issue of trade tariffs. This is the third bilateral meeting in less than three months and could prelude a new agreement. ‘We are very close to an agreement,’ said US President Donald Trump on the eve of the summit, stressing, however, that ‘the will is there, but let’s see how it goes.’

The negotiations will be led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, who announced the common goal of extending the trade truce expiring on 12 August. The current suspension of tariffs, reached in May in Geneva and subsequently confirmed in London, has avoided the application of three-digit tariffs on hundreds of Chinese goods.

According to CNN, Beijing’s negotiating position is strengthened by its control over strategic raw materials and the US administration’s lifting of certain export restrictions, such as those on Nvidia H20 chips for artificial intelligence. China also continues to record higher-than-expected growth, supported by a record trade surplus and expansion into new markets.

Among the issues on the table are the proposed spin-off of TikTok’s US division, the question of Chinese exports of Russian and Iranian oil, and US restrictions on advanced technologies. Washington has linked part of the tariffs — in particular the 20% tariffs — to China’s role in the international trafficking of Fentanyl, while Beijing is aiming for the definitive removal of the remaining tariffs and a reduction in the blacklist that limits exports to China.

There is no shortage of friction: recent travel bans imposed by Beijing on American officials and executives have been harshly criticised by Commerce Secretary Howard Lutnick and remain a source of tension in bilateral relations.

According to analysts, the most likely scenario is a new 90-day technical extension with 30% tariffs, pending a possible autumn face-to-face meeting between Trump and Xi Jinping. But the game remains wide open. China, increasingly active in promoting its own supply chains — from rare earths to electric vehicle batteries — seems determined not to yield to unilateral pressure, especially on issues related to Russia and Iran.

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