After a “constructive” round of talks ahead of an Aug. 12 deadline, Treasury Secretary Scott Bessent said, “Nothing is agreed until we speak with President Trump.”

The United States and China agreed to extend their 90-day tariff truce on July 29, SCMP reported. This is a developing story. Please keep refreshing for updates.

U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.

A new tariff simulator shows Chinese exports to the US could plummet without a trade deal, and be redirected towards Southeast Asia and Russia.

On August 1, hundreds of countries will come to learn their fate with the United States, when President Donald Trump’s pause on “reciprocal” tariffs ends. But businesses say planning has proven near impossible after months of whipsaw trade policy.

United Parcel Service reported a decline in second-quarter profit and revenue on Tuesday, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies.