WASHINGTON

US Treasury Secretary Scott Bessent said Tuesday he expects to negotiate an extension of President Donald Trump’s tariff deadline with China during meetings in Stockholm next week.

Speaking to Fox Business, Bessent said: “That deal expires on Aug. 12, and I’m going to be in Stockholm on Monday and Tuesday with my Chinese counterparts, and will be working out what is likely an extension.”

The US and China agreed in May to a 90-day suspension of steep tariffs to continue negotiations.

“I think trade is in a very good place with China,” Bessent said. “We’ve actually moved to a new level with China, where it’s very constructive.”

He said the US hopes China will “pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy;” and discuss “the sanctioned Russian and Iranian oil … and what they’re doing to aid Russia” in Ukraine.

Swedish Prime Minister Ulf Kristersson confirmed Sweden will host the meetings, saying the talks have a "major impact on global trade and the world economy."

"Protecting rules-based global trade and Sweden’s economic interests in a complicated international situation is one of the Government’s top priorities," he wrote on X.