Washington and Beijing slapped escalating, tit-for-tat levies on each other's exports earlier this year -- reaching triple-digit levels -- stalling trade between the world's two biggest economies as tensions surged.

US Treasury Secretary Scott Bessent said Tuesday he would meet his Chinese counterparts in Stockholm next week for tariff talks.

The third round of high-level negotiations would see a likely postponement of a mid-August deadline for levies to snap back to steeper levels, Bessent told Fox Business.

Chinese foreign ministry spokesman Guo Jiakun said Wednesday that Beijing hoped the two sides could work together "on the basis of equality, respect and mutual benefit".

"We will enhance consensus, reduce misunderstandings, strengthen cooperation and promote the stable, healthy and sustainable development of Sino-US relations," he said.

China's vice premier will attend the talks in the Swedish capital.

"He Lifeng will go to Sweden from July 27 to 30" for the negotiations, a commerce ministry spokesperson said in a Wednesday statement.

After top officials met in Geneva in May, both sides agreed to temporarily lower their tariff levels in a de-escalation set to expire next month.

Officials from the two countries also met in London in June.

- Deadline approaches -

Bessent noted that Washington also wanted to speak about a wider range of topics, potentially including Chinese purchases of Iranian and Russian oil.

Trade talks between the United States and China had initially stalled after their Geneva meeting, although Bessent said trade is in a good place now with Beijing.

Disagreements bubbled to the fore when US officials earlier accused Beijing of violating their pact and slow-walking export license approvals for rare earths -- crucial materials for making electronics and other goods.

Since then, the two countries have agreed on a framework to move forward with their Geneva consensus.

The United States has been seen relaxing certain restrictions on semiconductor sales to China, while Beijing has been reviewing applications for export licenses of controlled items.

Since returning to the White House in January, President Donald Trump has imposed a sweeping 10 percent tariff on allies and competitors alike, alongside steeper levels on steel, aluminium and autos.

The 10 percent blanket rate is expected to increase for dozens of economies -- although not China -- come August 1, unless they reach an agreement with Washington to avert this outcome.