As the August 1 deadline for new US tariffs approaches, Treasury Secretary Scott Bessent has signaled that the US is prioritizing the quality of trade agreements over speed, particularly in ongoing negotiations with China. Bessent will meet his Chinese counterpart in Stockholm next week, with discussions expected to include not only tariffs but also China's oil purchases from Russia and Iran. While the US is likely to extend the tariff deadline for China, other countries may still face increased tariffs if deals are not reached. The Trump administration is using the threat of tariffs as leverage to secure more favorable trade terms. Overall, the US is taking a cautious approach, emphasizing substantive agreements rather than rushing to meet the deadline.
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