US Minister Of Finance Will Meet Chinese Officials To Discuss Extension Of Tariff Time Limits

Nantong, Jiangsu, China/UNSPLASH/nathan Q

JAKARTA - US Treasury Secretary Scott Bessent will meet with his Chinese counterpart next week and discuss a possible extension of August 12's deadline for higher tariffs.

In a broadcast program on Fox Business Network, Bessent said trading with China was in excellent condition and a meeting in Stockholm would take place Monday and Tuesday.

"I think we've actually reached a new level with China, where our relationship is very constructive and we'll be able to solve a lot of things now that trade is starting to stabilize at a good level," Bessent said.

Although the previous tariff ceasefire focused on recovering China's rare earth metal flow and US semiconductor software and materials, Bessent said in Stockholm, Trump administration officials would discuss other issues, including reducing China's excessive dependence on manufacturing and exports.

"Hopefully we can see China reduce some of the excess manufacturing production they do and concentrate on building a consumer economy," Bessent said.

He also wants to issue a warning to China not to continue buying sanctioned Russian and Iranian oil, as well as China's efforts to help Russia's fight against Ukraine.

Bessent said there was bipartisan support in the US Senate for legislation aimed at charging 100% of goods from countries that continue to buy Russian oil, namely China and India.

"I will contact my European counterparts. Europe has long discussed sanctions against Russia, and it will be very important for Europe to be willing to impose this high-level secondary tariff on sanctioned Russian oil," he said.

The US continued Bessent is ready to announce a series of trade deals with other countries, and Japan could be among them despite election setbacks for Japan's ruling parties and tough negotiations.

"I wouldn't be surprised if we couldn't solve the problem with Japan quickly," Bessent said.

For most countries, the rate called Bessent will "backfire" back to April 2 from the current 10% level, but trade deal negotiations can continue.