On July 23, China’s Ministry of Commerce announced that He Lifeng, a member of the Politburo of the Chinese Communist Party and Vice Premier of the State Council, will travel to Stockholm, Sweden from July 27 to 30 to hold the third round of high-level China-U.S. economic and trade consultations with U.S. Treasury Secretary Scott Bessent. This marks the latest development under the framework of reciprocal negotiations following the phone call between the leaders of both nations in June.
Treasury Secretary Bessent stated that the negotiations will focus on extending tariff suspensions, reducing high punitive tariffs, and discussing issues related to export controls and China’s continued purchase of oil from Russia and Iran—countries sanctioned by the U.S. “We are on a good platform for communication,” he said. While China did not directly respond to these points, it stated that the talks will be based on the principles of “mutual respect, peaceful coexistence, and win-win cooperation,” with a commitment to deepening dialogue and advancing implementation based on the consensus between the two heads of state.
China and the U.S. have already completed two rounds of negotiations in Geneva and London, aimed at extending existing tariff arrangements and easing bilateral tensions. With the U.S. set to impose new tariffs on Chinese goods starting August 12, time is running out. Many observers are hoping the upcoming talks in Sweden will yield further consensus and help avoid an escalation of trade conflict.