Research & Analysis

President Donald Trump on Monday extended the US-China trade talks deadline until November 10. Existing baseline US tariffs on Chinese imports will remain at 30% (a 10% reciprocal tariff plus a 20% fentanyl tariff).

The administration has signaled that an extension to the August 12 tariff deadline will be announced soon following trade talks between US and Chinese officials in Stockholm last week. President Donald Trump indicated on Tuesday that he was “getting very close to a deal” with China to extend the deadline. USCBC understands that an executive order extending the deadline by 90 days has been drafted.

The US AI Action Plan is a strategic shift from the previous administration’s more restrictive AI Diffusion Rule to promoting the global export and adoption of American AI technology. The plan envisages a future in which the United States leads in developing and deploying AI globally, while restricting access for geopolitical competitors such as China.

Amid rising deflation and falling profits across industries, Beijing is intensifying efforts to rein in “involution-style” competition, or cutthroat price wars that sacrifice product quality and distort market order. At a July 1 Central Financial and Economic Affairs Commission meeting, President Xi Jinping emphasized the need to curb disorderly price competition, improve product quality, and phase out outdated production capacity.

Beijing is contemplating how to secure a foothold in the international monetary system as Washington pushes ahead with dollar-linked stablecoins to solidify the greenback’s dominance. Today’s total stablecoin market capitalization is roughly $265 billion, with US dollar-denominated stablecoins accounting for about 99% of the global market.

US and Chinese trade officials met in Stockholm over Monday and Tuesday and discussed extending the August 12 trade deal deadline another 90 days pending President Donald Trump’s approval. The president was due to be briefed on the meetings on Wednesday, but the White House has yet to announce a decision on the extension.

Since China’s creation of a rare earth elements (REEs) export control system on April 4, foreign companies have encountered delays in sourcing REEs and magnets from Chinese suppliers. USCBC conducted a flash survey in mid-July to gauge member companies’ experiences navigating the system.

Treasury Secretary Scott Bessent hinted on Tuesday that the August 12 deadline for bilateral trade negotiations is likely to be extended following discussions with Chinese counterparts in Stockholm over July 28 to 29. Bessent also noted that he hopes to discuss China’s “glut of manufacturing” and the need to focus on “a consumer economy,” as well as China’s purchases of Russian and Iranian oil.

Companies remain anxious over outstanding export approvals of dual-use items critical to their operations, even while approvals of items like rare earth magnets are picking up. At a recent closed-door meeting, USCBC learned that China’s Ministry of Commerce is exploring new procedures to ease delays.