After a “constructive” round of talks ahead of an Aug. 12 deadline, Treasury Secretary Scott Bessent said “nothing is agreed until we speak with President Trump.”

The US and China have started a fresh round of talks as expectations grow that the world's two biggest economies could agree a 90-day extension to their trade war truce.

TheStreet. The United States and China agreed to extend their 90-day tariff truce on July 29, SCMP reported. Both countries, led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent,

Tariffs are rising sharply in 2025, with the US rates jumping to 13.3%—the highest since 1939—fueling global uncertainty and triggering a projected $2 trillion hit to global GDP by 2027.

U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.

China mines around 70% and processes around 90% of rare earths. The U.S. is hoping to change that with investment in the domestic rare earth supply chain.

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.

The US and China held “very constructive” talks in Sweden but any extension of their truce in the trade war would need Donald Trump’s approval, Treasury secretary Scott Bessent said in Sweden on Tuesday.

China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home,