Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a resolution to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

Bessent confirmed that a 90-day extension on the current Aug. 12 deadline to reach a deal is possible. Tariffs on Chinese imports are currently set at 30%, but President Donald Trump has threatened to raise that amount to as much as 145% if a deal isn’t reached.