China’s official news agency, Xinhua, published statements by Chinese Vice Minister of Commerce Li Chenggang regarding economic contacts with the United States.
Li stated that the trade teams of China and the US held comprehensive and constructive talks in line with the agreement reached during the leaders’ meeting on June 5.
The statement stated that both sides would continue communication on the extension of the suspended 24% US bilateral tariffs and the continuation of China’s countermeasures as planned. Li stated that the economic and trade teams would remain in close contact and that the talks were held in a “cordial and in-depth” atmosphere.
U.S. Commerce Secretary Howard Lutnick announced today that President Donald Trump’s Friday deadline to impose major tariffs on a number of trading partners will not be further postponed. However, Lutnick noted on CNBC’s “Squawk Box” that trade negotiations with China, currently in their final round in Stockholm, Sweden, are proceeding on a separate timeline.
*This is not investment advice.