U.S. and China agree to extend trade truce through January 10, Bessent says
The extension gives both sides more time to negotiate tariffs, farm purchases and an AI incident hotline, officials said.
- Treasury Secretary Scott Bessent announced on Wednesday that The United States and China have extended the 'Busan Agreement' trade truce through January 10, moving the expiration date from November 10.
- Washington hosted an unscheduled meeting between Bessent and Vice Premier He Lifeng earlier Wednesday; minutes later, President Xi Jinping arrived to begin his first trip to The United States in over a decade.
- Since Sunday, Bessent and Trade Representative Jamieson Greer have held talks proposing an AI-related 'hotline' for safety incidents while discussing lists of goods for lower tariffs under Trump's 'Board of Trade' initiative.
- Chinese deliverables have not been perfect, Bessent noted, as The United States expects more fulsome enactment of existing agreements during coming months to test Beijing's commitment.
- Officials suggested a larger economic package may be negotiated by January, though they may alternatively 'just roll the current deal' pending announcements on agricultural and financial services deals with China.
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'Busan Agreement' explained: What the US-China trade truce means for world trade
US Treasury Secretary Scott Bessent announced the extension of the Busan Agreement until January 10, 2027. This extension allows both sides more time to negotiate without facing immediate tariff threats. The Busan Agreement was initially established to ease trade tensions between the US and China last year. Key areas of focus include agriculture and non-tariff barriers that require further discussion.
Washington and Beijing have extended by two months their trade truce, which limits the size of tariffs and ensures the supply of Chinese rare earth elements to the United States, US Treasury Secretary Scott Besant told Fox News, BTA reported. The announcement of the extension of the truce, which expired on November 10, comes amid a visit to Washington by Chinese President Xi Jinping, who was greeted late Wednesday local time by his US counterpar…
US Treasury Secretary Scott Bessen announced on Wednesday, September 23, that the United States and China agreed to extend for another two months the truce reached on October 30, 2025 in Busan, South Korea, after talks with Chinese Deputy Prime Minister He Lifeng in preparation for the summit between Presidents Donald Trump and Xi Jinping.
The extension of the agreement will be valid until January 10, 2027.
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