After 2 days of discussions in Stockholm, U.S. and China negotiators have agreed to pursue an extension to the 90-day tariff pause previously agreed upon between the two countries. However, no major agreement has been reached as of yet, with U.S. officials saying that the final decision still lies with U.S. President Donald Trump, according to Reuters.
Harsh tariffs avoided for multiple countries with trade deals
While deliberations with China are still ongoing, the U.S. has managed to secure trade agreements with several countries, including Japan, Britain, the E.U., Indonesia, the Philippines, and Vietnam, as per a Times of India report.
The Trump administration has firmly kept to its stance of stating that unless trade deals are finalized, tariffs will kick in at the announced percentages for all listed countries from August 1, 2025.
For an estimate, Trump has said on Monday that countries that do not negotiate a deal can expect a baseline rate imposed anywhere in the 15-20% range, upwards of the initial 10% rate announced in April, according to CNBC.
After the initial tariff announcement in April, China and the U.S. both played a tit for tat game, increasing import charges till total rates reached triple-digit figures.
In May, both countries agreed to pause the sky-high rates to allow for further negotiations on the matter. The same tariffs are expected to kick in effective from August 12 if an agreement is not reached by then.
Source: Google Finance
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