The Stockholm meeting — following similar talks in Geneva and London in recent months — is set to extend a 90-day pause on those tariffs. During the pause, U.S. tariffs were lowered to 30% on Chinese goods, and China set a 10% tariff on U.S. products.

What the market is looking for as US and Chinese trade negotiators meet this week is whether recent de-escalatory signals between the two superpowers will produce a further delay of steep tariffs.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

Tariffs on Chinese goods could result in a decline in exports from the Asian manufacturing giant to the U.S. in the years ahead reaching near $500 billion.

The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

The Trump administration’s trade deal with China that sharply lowered the tariff rate on Chinese imports is expected to be extended past its Aug. 12 deadline, Treasury Secretary Scott Bessent predicted Tuesday, though he maintained higher tariff rates on other countries’ imports are still slated to take effect Aug. 1 as scheduled.

Some commodities have also been subject to individual tariffs. Trump recently announced a 50% tariff on copper imports, effective from 1 August. Steel and aluminium imports are already subject to a 50% tariff from most countries, though in the UK’s case this is 25%.

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Officials say some Chinese companies have skirted the tariffs that Trump imposed in 2018 by shipping goods to American customers via third countries.