The United States and China have secured additional time to continue trade negotiations.
Treasury Secretary Scott Bessent announced on Wednesday that the two nations have agreed to lengthen their trade truce, pushing the end date from November 10 to January 10. The decision followed a meeting in Washington with Chinese Vice Premier He Lifeng, coinciding with Chinese President Xi Jinping’s arrival for a state visit.
“We will extend what we call the ‘Busan Agreement,’ the economic détente between the two countries that was scheduled to end on November 10, and will now continue until January 10,” Bessent told Fox News during a live interview on Wednesday.
Bessent indicated that the additional two months could enable a more comprehensive agreement, while also noting that the parties might simply renew the existing arrangement.
“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 can be more fulsome in enacting the agreement,” Bessent said.
Bessent said Xi’s visit could lead to announcements on Chinese purchases of American farm products and financial services. U.S. and Chinese officials may also discuss lowering tariffs on selected goods and establishing a system for sharing alerts about serious AI‑related security incidents.