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.

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.”

Tariffs are rising sharply in 2025, with the US rates jumping to 13.3%—the highest since 1939—fueling global uncertainty and triggering a projected $2 trillion hit to global GDP by 2027.

China mines around 70% and processes around 90% of rare earths. The U.S. is hoping to change that with investment in the domestic rare earth supply chain.

Beijing continues to defy U.S. sanctions as the leading importer of Iranian oil and the second-largest buyer of Russian crude, much of which is funneled through a growing fleet of untracked "ghost ships.

The United States and China are poised to start a fresh round of talks in Sweden, aiming to extend a temporary trade truce that held back triple-digit tariffs while the world’s two biggest economies try to broker a lasting deal.

China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home,