The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

President Donald Trump has struck a series of trade agreements in recent weeks as the White House threatens tariffs on dozens of countries set to take effect Aug. 1. In nearly every case, the trade accords set levies lower than a so-called "reciprocal tariffs" that would have otherwise taken effect on Friday.

It’s a race against time for some of America’s top trading partners who are negotiating furiously to reach agreements by Aug. 1.

US Treasury Secretary Scott Bessent says, “nothing is agreed until we speak with President Trump,” and “he’ll decide if the pause continues as is.” Bessent and US Trade Representative Jamieson Greer address reporters about the possible extension of a tariff truce with China in Stockholm on Tuesday.

The US and China have started a fresh round of talks as expectations grow that the world's two biggest economies could agree a 90-day extension to their trade war truce.

The United States and China have agreed to work on extending a deadline for new tariffs on each other after two days of trade talks in Stockholm concluded on Tuesday, according to Beijing’s top trade official.

U.S. and Chinese officials finished two days of talks in Stockholm on Tuesday that were aimed at tackling longstanding economic disputes and stepping back from an escalating trade war between the world's two biggest economies.