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 US and China have started a fresh round of talks as expectations grow that the world's two biggest economies could agree a 90-day extension to their trade war truce.

China has rejected U.S. warnings of steep tariffs over its continued purchases of Russian oil, calling such pressure ineffective. The U.S. cited upcoming legislation enabling tariffs up to 500%, as part of a broader push to cut Moscow's war funding.