The U.S. and China will resume trade talks in Sweden on Monday and Tuesday, Treasury Secretary Scott Bessent said, adding that the Aug. 12 deadline for negotiating a deal is likely to be extended.

“I think trade is in a very good place with China,” Bessent, who will lead the U.S. delegation in Stockholm along with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, said yesterday on Fox Business.

Sweden and China also confirmed the talks, which will continue to be led on the Chinese side by Vice Premier He Lifeng.

Though there were few deliverables from previous rounds of talks in Geneva and London, China has eased export controls on strategically vital rare earth minerals and magnets, while the U.S. has lifted export controls on design software for semiconductor chips and allowed U.S. companies Nvidia and AMD to resume Chinese sales of advanced chips for use in developing artificial intelligence.