
Trump Tariffs: China Trade Deal Likely Be Extended, Bessent Predicts
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.
Copyright 2025 The Associated Press. All rights reserved
Key Facts
Bessent will hold trade discussions in Stockholm, Sweden, next Monday and Tuesday with his Chinese counterparts, the Treasury Secretary told Fox Business on Tuesday, during which the two countries will 'be working out what is likely an extension' to the current deadline.
The Trump administration and Chinese government announced a 90-day trade deal in May, which lowered the tariff rate on most Chinese imports into the U.S. from a combined 145% down to 30%.
Bessent said he thinks trade is 'in a very good place with China' but suggested the Trump administration still has more it wants Beijing to agree to, such as China pulling back on its manufacturing and building more of a 'consumer economy,' as well as ending its practice of buying sanctioned Russian oil.
While it remains to be seen what tariff rate on Chinese goods could become permanent, Bessent suggested the Trump administration will likely keep the 30% rate, saying it was able to move on to other issues in its negotiations with China 'now that trade has kind of settled in at a good level.'
The Treasury Secretary was less flexible when it came to projecting what will happen on Aug. 1, when the tariff pause on every other country's tariffs expires, calling it a 'pretty hard deadline' for 'all countries.'
What Will Happen With Tariffs On Aug. 1?
The Trump administration has so far only sent out letters to only some countries that impose new tariff rates, scheduled to take effect on Aug. 1, and reached full negotiated trade deals with even fewer. Countries that have received new tariff rates include major trading partners like the European Union (30% tariff rate), Mexico (30%) Japan (25%), South Korea (25%) and Brazil (50%). While he suggested the administration still intends to impose more new tariff rates in the coming days, Bessent said Tuesday he expects that any countries that haven't had a new rate imposed by Aug. 1 will just 'boomerang' back to the tariff rates that President Donald Trump first imposed during his April 'Liberation Day' announcement. Those tariffs range between 10% and 50% depending on the country. The Treasury Secretary also suggested that even if new tariff rates take effect on Aug. 1 as scheduled, the administration will still continue its trade negotiations with other countries. The deadline 'doesn't mean we can't negotiate when the countries are at the higher level,' Bessent told Bartiromo, claiming the president's high tariff rates are a 'pretty ingenious strategy' by Trump to inspire other countries to reach trade deals faster.
What We Don't Know
If the tariffs will actually take effect as scheduled. Trump has already extended the deadline on his tariff pause once before, from July 9, and has come under scrutiny in the past for backing off the worst of his tariff plans as they've caused the stock market to drop—earning him the Wall Street nickname 'TACO Trump,' for 'Trump always chickens out.'
Tangent
Bessent also expressed confidence in Federal Reserve chair Jerome Powell in his Tuesday interview with Fox, amid speculation that the Fed chair could either resign or be ousted by Trump—which the president has so far denied he'll do. 'I know Chair Powell. There's nothing that tells me that he should step down right now. He's been a good public servant,' Bessent told Bartiromo. 'His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.'
Key Background
Trump has made tariffs the centerpiece of his economic policy, rolling out tariffs on nearly all countries in April despite longstanding concerns from economists that doing so would raise prices for consumers and harm the economy. The president's sweeping 'Liberation Day' tariffs initially briefly took effect on April 9, but the worst of the tariffs were swiftly paused, with Trump putting only a baseline 10% rate in place for 90 days after the markets plunged. While the Trump administration vowed to use the pause to negotiate trade deals—promising '90 deals in 90 days'—the government has so far only announced deals with a few countries, prompting Trump to start just sending out letters imposing new tariff rates before announcing the deadline was extended. Trump initially imposed the harshest tariffs on China, which he previously had a trade war with during his first term. The president levied a combined 145% tariff rate on the country during the 90-day pause, even as other nations had their rates dropped down to 10%, before the two governments were able to broker a deal in May.
Further Reading
Forbes
Trump 'TACO' Tracker: Here Are The President's 28 Tariff Flip-Flops
Forbes
US And China Agree To Roll Back Most Tariffs For 90 Days As Negotiations Continue
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
How The J. M. Smucker Company (SJM) Fits into the Food Dividend Stock Portfolio
The J. M. Smucker Company (NYSE:SJM) is included among the 10 Best Food Stocks with Dividends. A wholesaler distributing peanut butter, fruit spreads and specialty spreads to a retailer. The J. M. Smucker Company (NYSE:SJM) is recognized as a strong value in the food sector, with several successful brands under its belt. Notable performers include pet food lines like Meow Mix and Milk-Bone, as well as the well-liked Uncrustables sandwich products. The company paid a premium when it acquired Hostess Brands in November 2023. To refocus its efforts, the company recently sold off some brands from its Sweet Baked Snack segment, including Voortman, to concentrate more on the Hostess portfolio. Although the transition has been challenging, The J. M. Smucker Company (NYSE:SJM) appears to be moving in the right direction. It anticipates full-year fiscal 2026 sales to grow by 2% to 4%, despite the effects of divesting certain Sweet Baked Snack value brands. The company is also expected to deliver strong earnings and free cash flow. In fiscal Q4 2025, The J. M. Smucker Company (NYSE:SJM) reported operating cash flow of $393.9 million, and its free cash flow was $298.9 million. During the quarter, the company returned $114.5 million to shareholders through dividends, reinforcing its commitment to investor return. This cash position enables the company to consistently raise its dividends. The J. M. Smucker Company (NYSE:SJM) declared a 1.9% hike in its quarterly dividend on July 16. This marked the company's 24th consecutive year of dividend growth, which makes it one of the best food stocks with dividends. The company now offers a quarterly dividend of $1.10 per share and has a dividend yield of 4.04%, as of July 27. While we acknowledge the potential of SJM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: READ NEXT: and Disclosure: None.
Yahoo
22 minutes ago
- Yahoo
Released Israeli-Argentinian hostage fights for brother still held by Hamas
KFAR SABA, Israel (AP) — As Israel has announced steps to increase humanitarian aid in Gaza, a former Israeli-Argentinian hostage knows first-hand what that could mean for captives of the Hamas militant group. Iair Horn, who spent a year and a half in captivity, said hostages could tell when more aid was available because they would receive more food. 'When there's less food, then there's also less for the hostages. When there's aid, there's a possibility you might get a cucumber,' said Horn, 46. Hamas militants kidnapped Horn from his home at Kibbutz Nir Oz, along with 250 other people, during the group's cross-border attack on Oct. 7, 2023. He was released Feb. 15 after 498 days in captivity. For most of that time, he was held in an underground cell in a tunnel with several other hostages, including his younger brother Eitan Horn, 38. Since his release, Iair Horn has deferred his own recovery to fight for the release of his brother and the other 50 hostages still being held in Gaza, 20 of whom are still believed to be alive. Negotiations collapse again Hearing that negotiations between Israel and Hamas were once again frozen over the weekend was devastating for his family, Horn said. Since his release, he has made four trips to the U.S., where he has met with President Donald Trump and other American leaders to plead for the hostages. He wasn't sure what to make of a comment Thursday by President Donald Trump special envoy Steve Witkoff, who said the U.S. would consider 'alternative options' after recalling its negotiating team from Qatar. 'I'm not a politician, and I'm not getting into those things because I don't understand them. What I understand is very simple: I want my brother back,' Horn said. 'My life is frozen right now. I live in a nightmare that every day they are kidnapping me anew,' he said. Horn, who is single, is currently living with family in Kfar Saba, a city near Tel Aviv. Previously, he worked a variety of jobs in Kibbutz Nir Oz, including in education, maintenance and the kitchen. He also ran the kibbutz pub. Every morning when he opens his eyes, he must think for a few moments to remember where he is, to remember he is no longer a hostage, Horn said. He's gained back some of the weight he lost in captivity, but his list of physical and psychological ailments is long. He does not know where he will live, what he will do in the future, or if he will go back to Nir Oz. The only thing he concentrates on is advocating for his brother's release. 'I never imagined that another half year would pass without seeing my little brother,' he said. Israel's war in Gaza has killed more than 59,700 Palestinians, according to Gaza's Health Ministry. The agency's count doesn't distinguish between militants and civilians, but the ministry says that more than half of the dead are women and children. The U.N. and other international organizations see the ministry, which operates under the Hamas government, as the most reliable source of data on casualties. Brothers were held together Iair Horn is the oldest of three brothers who grew up in Argentina. He moved to Israel at age 20, followed by his middle brother, Amos. Eitan and their parents, long divorced, joined later. On Oct. 7, 2023, Eitan was visiting Iair at his home on Kibbutz Nir Oz when the sirens started, warning of incoming missiles. Soon they received text messages alerting them to the fact that militants had infiltrated the kibbutz. Militants entered Iair's home, where he was hiding in the reinforced safe room with Eitan. Iair attempted to hold the door shut until they began shooting through the door. Then he decided to surrender, worried they might use grenades or stronger weapons. Iair, who was immediately taken into Gaza, didn't know what had happened to his brother until around the 50th day of his captivity, when the militants placed the two brothers together, and Iair realized Eitan had also been kidnapped. Being together, even in their small, barred room, was a stroke of luck, Iair said. 'There's a lot of time with nothing to do, and we talked a lot about our childhoods, about elementary school, about the youth movement, about soccer,' he said. 'We tried to keep our sense of humor. He would ask me, did you brush your teeth? And I'd ask him, did you wash your bellybutton?' 'It was silly things, silly things between siblings that I don't have right now. Many times it happens now that something happens to me on the street that I have to tell him. And I can't, and I'm so sorry,' he said, starting to cry. Captors tell hostages that two will be released For most of the time, the Horn brothers were held with three other hostages. In early February, their captors came to the group of five and said that two would be released. 'For four days, we're looking at each other and wondering if we can decide or influence the decision,' he said. After four days, the captors arrived with a small plate of snacks and a video camera. They announced that Iair and another hostage would be leaving and filmed the emotional interaction between Iair and Eitan. Hamas later released the video on its social media channels, as it has with other videos of the hostages filmed under duress. Their last night together, Eitan and Iair laid side by side in silence. 'There was no conversation because in your head you don't want to have a conversation as if it's your last conversation,' Iair Horn said. When their mother, Ruty Chmiel Strum, learned that Iair was coming out but not Eitan, she said to anyone who would listen, "Why are you doing this to my sons? They are together and you're separating them?' No one gave her an answer, but Strum clung to hope that Eitan would be released soon. Now she mostly ignores news about the negotiations, tuning out the information to protect herself. She said she raised her three boys 'as a single body,' and their support for each other is unshakable. She clasps Iair's hand as they sit together on the couch in her home and looks forward to the day Eitan returns. 'I will feel the hug of my three sons, enjoying life, each supporting each other," she said. "It will happen.'
Yahoo
22 minutes ago
- Yahoo
Why Flowers Foods (FLO) is a Top Food Stock for Dividend Investors
Flowers Foods, Inc. (NYSE:FLO) is included among the 10 Best Food Stocks with Dividends. A female baker in a spotless kitchen carefully decorating a cake. Flowers Foods, Inc. (NYSE:FLO) is an American company that manufactures a range of bakery products for both retail and foodservice markets nationwide. Its offerings include items like fresh bread, buns, rolls, snack cakes, and tortillas. The company supplies these products to grocery stores, convenience outlets, and restaurants. Among its most recognized brands are Nature's Own, Whitewheat, Cobblestone Bread, Wonder, Dave's Killer Bread, Canyon Bakehouse, Mrs. Freshley's, and Tastykake. Flowers Foods, Inc. (NYSE:FLO) has a strong cash position. In the most recent quarter, the company generated $135.6 million in operating cash flow, which grew by $30.5 million. The company also remained committed to its shareholder obligation, returning $52.3 million through dividends during the quarter, up $1.2 million from the previous quarter. Flowers Foods, Inc. (NYSE:FLO) currently offers a quarterly dividend of $0.2475 per share, having raised it by 3.1% in May. This was the company's 23rd consecutive year of dividend growth, which makes it one of the best food stocks with dividends. In addition, it has paid regular dividends to shareholders for 91 quarters in a row. The stock has a dividend yield of 6.09%, as of July 27. While we acknowledge the potential of FLO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: READ NEXT: and Disclosure: None.