China-US Economic and Trade Officials Meet in Stockholm, Agree to Extend Tariff Suspension

Recently, officials in charge of economic and trade affairs from China and the United States held a meeting in Stockholm, Sweden, from July 28 to 29. Representing China was Vice Premier He Lifeng of the State Council, while the US delegation was led by Treasury Secretary Janet Yellen and Trade Representative Katherine Tai.

The talks were pragmatic: both sides agreed that the previous consensus reached in Geneva and the implementation of the "London Framework" had progressed well. Most importantly, they reached an agreement to extend the suspension of the 24% reciprocal tariffs imposed by the US and China’s corresponding countermeasures for another 90 days.

Vice Premier He Lifeng stated that China-US economic and trade relations are essentially mutually beneficial—cooperation leads to win-win outcomes, while confrontation would harm both countries. A stable China-US economic and trade relationship is crucial not only for the respective development of the two nations but also for the global economy. Going forward, efforts should continue to follow the spirit of the June 5 phone call between the two heads of state, with more communication to reduce misunderstandings and strive for more win-win results.

The US side also stated that stable China-US economic and trade relations are vital to both countries and the global economy, and expressed willingness to continue resolving differences through consultation to stabilize the bilateral relationship.

After the talks, Vice Minister of Commerce Li Chenggang told the media that the one-and-a-half-day discussions were in-depth, with both sides recognizing the importance of safeguarding stable economic and trade ties. The teams of the two sides will maintain regular contact and timely communication to promote the sound development of bilateral economic and trade relations.

In summary, the talks achieved progress. Over the next 90 days, there will be no need to worry about the expiration of the previously suspended tariffs and countermeasures, and both sides will continue to maintain communication to strive for smoother China-US economic and trade relations.