Trump says China deal is close ahead of Sweden trade negotiations

[China US Trade]
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U.S. President Donald Trump said Sunday his administration is nearing a trade deal with China but offered no specifics, saying, “We’ve kind of reached one already, but let’s see how it unfolds,” ahead of a meeting with EU Commission President Ursula von der Leyen in Scotland.

The statement comes as senior U.S. and Chinese negotiators are meeting in Stockholm on Monday to resolve key economic issues ahead of a mid-August deadline to finalize a tariff agreement.

Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent are set to lead high-stakes trade talks through Tuesday in Stockholm—their third meeting in under three months. The agenda includes negotiations on extending the fragile tariff truce and addressing U.S. concerns over China's role in fentanyl trafficking and its continued purchases of oil from sanctioned nations like Russia and Iran.

At the center of the escalating U.S.-China trade negotiations lies a strategic tug-of-war over critical technologies. Beijing’s dominance in rare-earth magnets, which is vital for electric vehicles, wind turbines, and advanced military systems, has become a major sticking point, as Washington seeks to secure alternative supply chains and reduce its dependence.

Meanwhile, the U.S. continues to enforce strict export controls on cutting-edge semiconductors essential to artificial intelligence development.

The talks follow Trump’s latest trade breakthrough with the EU, which accepted a 15% tariff on exports to the U.S. and pledged $600B in American investments, including major energy and defense purchases. Additional U.S. tariffs on Chinese goods—ranging from semiconductors to pharmaceuticals—are also on the table if a deal isn’t reached.

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