According to Chinese officials, the two sides agreed last week to prolong the existing tariff pause beyond the August 12 deadline. However, U.S. Treasury Secretary Scott Bessent noted that the extension was still awaiting Trump’s final approval. Trump also asserted that China is “collapsing” economically and “very reliant” on U.S. trade, suggesting Beijing has more to gain from a finalized deal.

The announcement comes amid continued volatility in global markets and high-level diplomatic negotiations. Trump reiterated that while the U.S. would benefit from the agreement, it would not be rushed into one. The president’s public comments appeared aimed at reinforcing American leverage as talks enter a decisive phase.

Xi Meeting Possible As Trade Diplomacy Advances

Asked whether a meeting with Xi Jinping was planned, Trump indicated it could happen before year’s end if a deal is reached. Despite high tensions over trade and technology, both sides have shown interest in resolving remaining issues through negotiation.

Analysts say the pending agreement could include mutual tariff reductions and provisions for technology and investment regulation. Trump previously warned the European Union of similar tariffs if trade terms are not met, reflecting a broader hardline trade strategy.