President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

The Stockholm meeting — following similar talks in Geneva and London in recent months — is set to extend a 90-day pause on those tariffs. During the pause, U.S. tariffs were lowered to 30% on Chinese goods, and China set a 10% tariff on U.S. products.

The Trump administration’s trade deal with China that sharply lowered the tariff rate on Chinese imports is expected to be extended past its Aug. 12 deadline, Treasury Secretary Scott Bessent predicted Tuesday, though he maintained higher tariff rates on other countries’ imports are still slated to take effect Aug. 1 as scheduled.

Over the first half of 2025, China's exports to the world grew nearly 6% from a year earlier, defying expectations of a broad slowdown.

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting at the offices of Sweden’s prime minister for two days of talks, which Bessent has said will likely lead to an extension of current tariff levels.

Tariffs on Chinese goods could result in a decline in exports from the Asian manufacturing giant to the U.S. in the years ahead reaching near $500 billion.

Officials say some Chinese companies have skirted the tariffs that Trump imposed in 2018 by shipping goods to American customers via third countries.