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.

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 U.S. and China had agreed to pause most of the sky-high tariffs on each others' goods amid trade negotiations – but that pause is set to expire in August.