Senior US and Chinese officials held more than five hours of talks in Stockholm on Monday, aiming to resolve a trade dispute between the world's two largest economies and prevent an escalation of the trade war, Reuters reported.
US Treasury Secretary Scott Besant was part of the negotiating team that arrived at Swedish Prime Minister Rosenbad's office in the afternoon. Chinese Vice Premier He Lifen also attended the meeting.
China must sign a customs agreement with the administration of US President Donald Trump by August 12. The parties reached preliminary contracts in May and June to stop raising mutual tariffs and restricting the supply of rare earth minerals.
The negotiators left the office at 8:00 pm without speaking to reporters. The talks will continue on Tuesday.
"I would like China to open up its economy," Trump said in Scotland.
Without a deal, global supply chains could be disrupted as the United States could reimpose triple-digit tariffs, effectively establishing a bilateral trade embargo.
US Trade Representative Jamieson Greer told CNBC: "I don't expect much progress from the Stockholm talks. We will focus on enforcing previous agreements, securing supplies of critical minerals, and creating a foundation for balanced trade."
The talks come after Trump's deal with the European Union, which imposes a 15% tariff on EU goods entering the United States.
