U.S. Treasury Secretary Scott Bessent announced that he will meet with his Chinese counterpart next week in Stockholm to discuss extending the August 12 deadline for raising tariffs on Chinese imports.

Speaking on Fox Business, Bessent described current trade relations with China as being in a “very good place,” and confirmed the talks are scheduled for Monday and Tuesday in the Swedish capital.

The high-level negotiations come amid growing concern from American businesses over the economic impact of renewed tariff hikes, which could disrupt supply chains and drive up consumer prices.

Tariff tensions have long been a flashpoint in U.S.-China relations, but recent dialogue between the two economic powers has shown signs of progress toward de-escalation.