Stockholm: US Treasury Secretary Scott Bessent stated that the United States will not compete with China concerning sovereignty over Russian oil purchases, acknowledging that Beijing takes this matter "very seriously." Bessent's comments were made after two days of trade discussions in Stockholm with Chinese Vice Premier He Lifeng.

According to Anadolu Agency, Bessent's remarks came in light of US President Donald Trump's warnings about imposing 100% secondary tariffs on countries that continue trading with Russia without a resolution to the Ukraine conflict. Bessent highlighted feedback from European allies and NATO partners indicating they may follow suit, emphasizing that parties purchasing "sanctioned Russian oil should be prepared for the consequences."

During the Stockholm discussions, which built on previous meetings in Geneva and London, Bessent noted that both parties addressed several concerns beyond those discussed in earlier meetings. He mentioned US concerns regarding China's global oil capacity and its purchases of Iranian oil. Additionally, the US expressed apprehensions about China selling dual-use technologies to Russia, though Bessent described the meeting's tone as "very constructive."

Following the talks, there were conflicting reports regarding the extension of the pause on tariffs and other trade measures. Chinese trade tsar Li Chenggang announced an agreement to extend the pause, while US officials provided more cautious statements. US Trade Representative Jamieson Greer mentioned that they would return to Washington, DC, to consult with President Trump about the extension. Bessent clarified that while the Chinese deputy minister claimed an agreement on a pause, nothing was finalized without President Trump's input, indicating that discussions often involve 90-day periods.

These talks followed a tariff war between the world's largest economies, which disrupted markets before mutual rollbacks. The US had previously set a deadline of August 12 for China to reach a trade agreement.