Overview

• The United States and China have kept most tariffs suspended through mid-August under a 90-day truce agreed in Geneva and London.
• Treasury Secretary Scott Bessent said the next trade talks will include scrutiny of China’s Iranian and Russian oil purchases as a security issue.
• China remains the top buyer of Iranian oil and the world’s second-largest importer of Russian oil despite U.S. sanctions, according to Bessent.
• Washington has threatened up to 100% secondary tariffs on any country found buying Russian oil in defiance of sanctions.
• The agreement’s formal consultation mechanism has struggled with mutual allegations of tariff violations by both sides.