(29 Jul 2025)
RESTRICTION SUMMARY:
++ STARTS AND ENDS ON SOUNDBITE++
ASSOCIATED PRESS
Stockholm, Sweden – 29 July 2025
1. SOUNDBITE (English) Scott Bessent, U.S. Treasury Secretary:
"It was our third meeting. I’m happy to say that London built on Geneva. Stockholm built on, London and Geneva. I think we had great momentum going into the meeting, thanks to the president’s trade deals. I think that the Chinese were surprised by the magnitude of the Japan deal, by the magnitude and the terms of the European deal. So I think that they were, they’re never compliant, but I believe that they were in more of a mood for a wide-ranging discussion. The discussions centered on the two economies. We had a very in-depth report on them, on the Chinese economy. We gave a very detailed report on the U.S. economy. We talked about the trade deals that we were doing with other countries. We expressed our concern about Chinese overcapacity globally, and what that might mean for this year, for the next few years. We expressed our concern over their purchases of sanctioned Iranian oil, which they buy about 90%. We also expressed regret that, we believe that they had sold Russia about 15 billion of dual-use technologies. But the overall tone of the meetings was very constructive."
++BLACK FRAMES++
2. SOUNDBITE (English) Scott Bessent, U.S. Treasury Secretary:
"And again, I think it was the level of momentum and the entire reordering that President Trump has done of the global trading system. So now here you have the two largest economies in negotiation. And as I said before, and we reiterated to them, we don’t want to decouple. We just need to de-risk with certain strategic industries, whether, it’s the whether it’s the rare earth semiconductor, medicines. And, you know, we talked about what we could do together to get into balance, within the relationships and Ambassador Greer has made the fantastic point that for decades, the U.S trading system sacrificed manufacturing to be able to sell, whether it was AG or natural resources. And now, under President Trump, as you’ve seen with the Japan deal, with the Europe deal, we were able to do both. We are able to reshore manufacturing and, also to substantial purchase agreements"
STORYLINE:
China and the U.S. have agreed to continue their tariff pauses on each other, China’s top trade official said Tuesday in Stockholm, following a two-day meeting with U.S. officials.
U.S. Treasury Secretary Scott Bessent said overall the tone of the discussions was "very constructive."
"I think we had great momentum going into the meeting, thanks to the president’s trade deals," he told reporters after the meetings concluded.
Chinese and U.S. trade officials held their latest round of trade talks in the Swedish capital on Monday and Tuesday to try to break a logjam over tariffs that have skewed the pivotal commercial ties between the world’s two largest economies.
On the first day, the talks lasted nearly five hours behind closed doors at the Swedish prime minister’s office Monday.
Before the talks resumed Tuesday, Swedish Prime Minister Ulf Kristersson met with Bessent and U.S. trade representative Jamieson Greer over breakfast.
The United States has struck deals over tariffs with some of its key trading partners — including Britain, Japan and the European Union — since U.S. President Donald Trump announced “Liberation Day” tariffs against dozens of countries in April. China remains perhaps the biggest unresolved case.
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