"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

WASHINGTON, July 25 (Reuters) - U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success, especially in China.

China’s budget deficit climbed to a fresh record in the first half, highlighting intensified government efforts to shore up domestic demand as Donald Trump’s tariffs reduce exports to the US.

On April 9, with the stock market enduring a mini-crash, Donald Trump placed a 90-day pause on reciprocal tariffs for all countries save China. This 90-day pause is what ignited the strongest single-day point gains in the history of the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average.

U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia.

China trade has reached a "good place" with reduced tariffs, but said China's 30% share of global manufacturing is unsustainably imbalanced.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”