Customs duties: third cycle of USA-China discussions next week

“The agreement with China ends on August 12. Consequently, I will go to Stockholm on Monday and Tuesday with my Chinese counterparts and we will work on its extension,” said Treasury Secretary Scott Bessent. Meanwhile,

US Treasury Secretary Scott Bessent announced on Tuesday that he was going to meet his Chinese counterparts in. Similarly, Stockholm next week for a third cycle of discussion on customs duties.

“The agreement with China ends on August 12. I will go to Stockholm on Monday and Tuesday with my Chinese counterparts and we will work on its extension,” the secretary of the treasure secretary said on Fox Business.

“I think that trade with China is fine. we will discuss many other things on which our countries can work together and I hope to see the Chinese do at least a gesture concerning their industrial overcapacity,” customs duties: third cycle usa-china he added.

During another interview granted on CNBC on Monday, Mr. Bessent stressed that Chinese Russian and Iranian oil imports, both under sanctions, should also be part of the subjects discussed.

China is. with India, one of the main customers of Russian oil, who has been sanctioned since the start of the invasion of Ukraine by Moscow in February 2022.

Beijing also bought large amounts of Iranian oil, despite the sanctions.

But, as Mr. Bessent recalled, the United States government plans to set up secondary sanctions against Russia customers. “Any country buying Russian oil under sanction will be imposed 100% customs duties,” he said on CNBC.

And “I call European countries to follow us if we set up these secondary customs duties,” said Bessent.

The United States. China have held two cycles of negotiations in recent months, in order to lower trade tensions between the two countries, in particular after customs duties: third cycle usa-china the sudden increase in customs tariffs on both sides, consecutive to the announcement of so-called “reciprocal” customs duties in early April by US President Donald Trump.

Managers of the first two world economic powers first met in Geneva. then in London, with the effect of bringing the respective customs duties to 10% on American products and 30% on Chinese products, as well as to restrict certain limitations to exports on both sides.