U.S. Treasury Secretary Scott Bessent on Tuesday told Fox Business that an Aug. 12 deadline for China tariff negotiations was likely to be extended and that he was set to meet with Chinese officials Monday and Tuesday of next week in Stockholm.

US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks aimed at extending a tariff truce and widening the discussions.

General Motors said July 22 that tariffs could eventually cost the company $5 billion before the end of the year.

General Motors managed to beat analyst expectations Tuesday when it reported second-quarter results, but new tariffs on imported cars and auto parts took a $1.1 billion bite out of its bottom line. GM’s net income shrank 35% in the second quarter despite strong sales gains at dealerships as President Trump’s automotive tariffs weighed on the largest automaker in the U.

The Trump administration could send more tariff letters or reach new trade agreements before the start of August, White House Press Secretary Karoline Leavitt said Monday. That's when the pause on Trump's so-called reciprocals tariffs are set to expire.