US and China extend trade truce by two months, seek broader deal
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The United States and China have agreed to prolong their existing trade truce for another two months while negotiating a potentially larger trade agreement ahead of a summit between President Trump and President Xi.
The United States and China have agreed to extend the trade truce that was set to expire on Nov. 10 by an additional two months, giving both sides more time to negotiate a broader trade agreement, Treasury Secretary Scott Bessent said on Wednesday. The extension, first reached in Busan, South Korea, in May, is intended to allow the two economies to explore a "bigger deal" rather than a series of smaller measures.
Bessent made the comments after a 90-minute meeting with Chinese Vice Premier He Lifeng, his second encounter with the Chinese official in four days, as preparations continue for a summit between President Donald Trump and President Xi Jinping scheduled for Thursday. He noted that Beijing has indicated interest in a more expansive deal but provided no specifics.
"We met today to see if we could do a bigger deal as opposed to just a series of smaller things," Bessent told reporters.
The Treasury chief said the United States is urging China to fully meet its existing commitments, including the purchase of $17 billion in agricultural products, noting that while China is on track with its soybean quota, other agricultural purchases are lagging. He also mentioned concerns about delayed deliveries of rare-earth minerals.
The upcoming summit, the second of potentially four meetings between the leaders this year, could address the removal of tariffs on $30 billion of non-critical goods, as well as issues in financial services and agriculture. Bessent said the United States is prepared to continue the Busan arrangement or pursue a larger deal, emphasizing that any outcome will be aimed at protecting American workers, farmers and businesses.
In related talks, Bessent, He, and U.S. Trade Representative Katherine Tai met in New York to discuss possible trade and artificial-intelligence agreements, and both sides agreed to establish a communications hotline for AI safety incidents, though China’s response to the proposal was not detailed.