US, China agree to extend bilateral trade truce to Jan. 10

The US and China agreed to extend a bilateral trade truce that would have expired in November through Jan. 10, Treasury Secretary Scott Bessent said Wednesday.

“We will extend what we call the Busan Agreement -- the economic detente between the two countries that was scheduled to end on Nov. 10. That is going to be extended until Jan. 10,” Bessent said in an interview with Fox News.

“There are some deliverables that have not been perfect on the Chinese side, so we also want to see -- now that we’ve sat down and told them our expectations -- if over the coming months, they could be a bit more fulsome in enacting the agreement,” he added.

Bessent also hinted that there could be further announcements in the coming days from the Chinese delegation, such as agreements to buy more US agricultural products and potential deals in the financial services sector.

The announcement came after Bessent and Chinese Vice Premier He Lifeng held an unscheduled meeting earlier in the day in Washington.