Jul 28, Kathmandu - Top economic officials from the United States and China are set to hold talks on Monday as US President Donald Trump enters a crucial week for his trade policy.

The talks between the world's two largest economies in the Swedish capital Stockholm will last for two days. The talks come as other countries rush to finalize a deal with Washington.

For dozens of trading partners, failure to reach a deal in the coming days could mean they face significant tariffs on exports to the United States starting next Friday (August 1).

Even partners like Brazil and India are likely to see their tariffs on imports to the US increase from a “base” rate of 10% to 50%.

According to data from Yale University’s Budget Lab Research Center, the Trump administration’s tariffs have already raised tariffs on US imports to levels not seen since the 1930s.

All eyes will be on the talks between Washington and Beijing as a delegation led by US Treasury Secretary Scott Besant meets with a Chinese team led by Vice Premier He Lifeng in Sweden.

In April, the two countries imposed three-digit tariffs on each other's products, but this year the US tariff has been temporarily reduced to 30 percent, while China's countermeasures have been reduced to 10 percent.

However, the 90-day ceasefire that began after talks in Geneva last May expires on August 12.

After the Geneva meeting, the two sides met in London to resolve their differences.