Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

Beijing's top trade official says China and the United States have agreed to work on extending a deadline for new tariffs on each other after two days of trade talks in Stockholm.

Bessent confirmed that a 90-day extension on the current Aug. 12 deadline to reach a deal is possible. Tariffs on Chinese imports are currently set at 30%, but President Donald Trump has threatened to raise that amount to as much as 145% if a deal isn’t reached.