CNBC's Eamon Javers joins 'Squawk on the Street' with the latest details on U.S.-China talks in Sweden.

Stockholm

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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Delegations from the United States and China have convened in Stockholm for trade negotiations, with U.S. Treasury Secretary Besson and Vice Premier Hu Laifeng of China leading their respective teams. The talks are taking place at the Swedish prime minister's residence, and both delegations are reportedly smaller than initially expected.

Key topics anticipated in the discussions include tariffs, technology, Russian oil, and major investment commitments involving the U.S., EU, and Japan. However, many details about these agreements, particularly the nature and breakdown of large investment figures, remain unclear. U.S. officials have indicated that further briefings may be provided once the talks conclude.

U.S. and China delegations arrive for trade talks in Stockholm

Now we turn our attention to Stockholm and these talks with the Chinese. We're monitoring the president's bilateral with UK Prime Minister Starmer in Scotland. But meantime, Besson and Greer have arrived in Sweden. Let's get to our Eamon Javers. Hey, Eamon. Hey, Carl. That's right. Here in Stockholm, we saw the arrival of the U.S. delegation just a short time ago. We saw Treasury Secretary Besson exit the motorcade, have a long handshake with the prime minister of Sweden before walking into the building. And the building they're using here is the prime minister's residence and office building. So this is sort of the equivalent of the White House in Sweden. Both delegations are here. We also saw the Chinese delegation arrive. Hu Laifeng, who is the vice premier of China, arrived to lead their delegation. Interesting sort of behind-the-scenes tick-tock on this, all the talks seem to have started about two and a half hours after we were led to expect that they might. Not sure we can read anything into that. I am told by an official that the talks have begun inside the building behind us. And I can also tell you that this delegation is a little bit smaller than the delegation that we expected. That is, Howard Lutnick, who we were led to believe would be here, is not actually here for these talks, guys. So unclear why the composition of the U.S. delegation changed at the last minute. But that is what we were told by officials, is that Jameson Greer and Treasury Secretary Besant are leading the U.S. talks here. Back over to you. Hey, I mean, you had a good breakdown of some of the potential silos of discussion, including tick-tock, Russian oil, in addition to everything else regarding tariffs. Yes, there is so much on the table between these two countries. And what we can't really get a good fix on, Carl, is, what exactly is part of this conversation? What is considered a separate track? And can you really have a separate track between the U.S. and Chinese delegations when it comes to these conversations, given that, ultimately, we do expect this is going to have to come down to a meeting between Xi Jinping and Donald Trump at some point, possibly in the fall? People are pointing toward an October date for that. If those two leaders are meeting in the room, then everything in this relationship, security, economic and everything else, is probably going to be on the table. So how much of the discussion they're going to get into in the room here, though, in terms of tick-tock and these other things, we don't know the answer to that. We're going to be trying to press for answers as we go along through the day. We are hoping for a briefing, at least from the U.S. side, when talks finish up tonight. It is afternoon here in Stockholm. In London last month, they went until about midnight. So we'll see how late they go here. Hey, Eamon, to the EU deal, this $600 billion investment in the U.S., again, you know, this also came up in the Japan deal, the $650 billion, which I'm still trying to fully understand what that really is. Any clarity around that, or are we going to have to wait and see? You know, obviously, we know these are all preliminary, and we're going to have to wait and see real language about what that actually means. Yeah, you're going to have to wait to see paper on that. The president of the EU commission, though, said earlier today that she thinks a lot of that will be energy purchases from the United States. LNG, in particular, might make up the bulk of that. So we'll watch for the actual numbers when they come through. But clearly, the European Union wants to get off Russian gas to the extent that they can and shift over to U.S. supplies. That might be it. We also saw, you know, assurances from officials that that number is over and above current consumption levels. So one of the questions in all of these deals has been, you know, are they just double-counting stuff that they were going to buy anyway? We're getting assurances that that's not the case. That would be additional purchases that wouldn't have happened anyway. Hard to sort of suss that out and break that out. I mean, how much of that would have happened eventually anyway? You just don't know. But at least for now, it looks like a lot of that will be energy, David. There was this, these jarring comments, guys, from the Japanese negotiator, Akizawa, where he was asked about the 550 billion — Six-fifty. Six-fifty. And he was asked about what percentage would be actual investment. 10 to 2 percent. The vast majority, he argues, will be loans. Loan guarantees. Yeah. Again, we asked Lutnick about it last week. He made it sound as though it would be the president simply asks for money, and they come and they give it, and then 90 percent of the profits from whatever is built goes to the U.S. Again, I — Eamon, like you, I'm just waiting to see. And I understand the energy purchases by the E.U., but there's a $600 billion number that simply says investment. And I don't know what that really means. I don't think that — I think the people in the White House who don't really know. Honestly. It's a number put out. Eamon, it's a number put out, and this is going to keep happening. I mean, I heard sovereign wealth fund. I heard that it's going to be divided amongst certain industries. I get the sense that there's just a check being written somewhere, but we don't even know if it's a loan. It's just not clear. No, it's not clear. Yeah, sorry. Eamon, go ahead. Yeah, Jim, I was just going to say that, I mean, I think you're right to some extent. I mean, President Trump's negotiating style is, you know, the teams bring him something on paper, and he takes a sharpie out and starts crossing things off and asking for more, right? And so one of the ways in which countries deal with that is they leave this sort of, you know, asterisk category of investment for the end, and then they plus that up to a certain amount so that President Trump feels as if he's gotten an additional amount at the end of the negotiation. So he can push, they can give, and then they work it out what the heck that's going to be on the back end. Yeah. $650 billion is about 15% of Japan's current GDP. It's just an enormous number. Again, we don't know over what time period, but just coming back to that. We'll continue to try and see if we can get more. Yeah. Eamon, appreciate the presence in Stockholm today. We'll check back with you later. We are hearing from the president a few moments ago who talked specifically about tariffs. Take a listen. Well, we'll be announcing our pharmaceuticals sometime in the very near future. We have a very big plan on pharmaceuticals. We want to bring a lot of the pharmaceuticals back to America. We'll, you know, the way they should be. If you look at COVID, it sort of taught us a lesson. We were getting our pharmaceuticals from other countries. We almost didn't make any. We used to make them ourselves. And we're going to want to be making a lot of them ourselves. All of them, in a sense. But you also have a good pharmaceutical business. We'll be dealing with you on pharmaceuticals also. And we certainly feel a lot better with your country working on pharmaceuticals for America than some of the other countries that were with the relationship we have. You would not use that as a cudgel. You wouldn't be using it as a as a block. But we're going to be announcing sometime very soon, I think, pharmaceuticals, our whole thing. And the companies know and drug prices are going to be coming down very substantially in the U.S., very, very substantially. And that'll happen very soon.

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U.S. and China delegations arrive for trade talks in Stockholm

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