Chinese and American officials began their second day of trade talks in Sweden on Tuesday (July 29th), agreeing to continue pushing for an extension of the tariff truce, which expires on August 12th. Interviewed scholars believe that given the current divergent positions between China and the US, reaching an agreement is extremely difficult, and a further 90-day extension is currently the most likely outcome. According to a Xinhua News Agency flash report issued early Wednesday morning (30th), Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, stated that, based on the consensus reached by both sides, the two sides will continue to push for the scheduled extension of the 24% reciprocal tariffs that the US has suspended, as well as China's countermeasures. This means that all currently imposed tariffs and corresponding countermeasures between China and the US will remain unchanged, extending the original expiration date of August 12th for another 90 days.

Later that day, Reuters reported that the Chinese and US trade teams, which concluded their talks on Tuesday (July 29th), stated that whether to extend the tariff truce would be a decision for Trump.

The Chinese and US trade teams will continue to maintain close communication, exchange views on trade issues in a timely manner, and promote the stable and healthy development of bilateral trade relations. Hanyue International will continue to monitor the progress of the negotiations and provide clients with risk alerts, simulated tax rates for key commodities, and recommendations for fine-tuning customs policies. Please feel free to contact our customer service for the latest US-China tariff list.