US and China Extend Trade Truce: Elites Delay Real Reform in Favor of Corporate Interests
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The United States and China have agreed to prolong their trade truce for another two months, prioritizing negotiations for a broader trade agreement that largely serves multinational corporations and entrenched political elites ahead of a summit between President Trump and President Xi.
The United States and China have once again chosen to extend their trade truce, originally set to expire on Nov. 10, by an additional two months—a move that underscores the ongoing collusion between global capitalist powers. Treasury Secretary Scott Bessent announced the extension on Wednesday, highlighting how both governments are buying time to negotiate a so-called 'bigger deal,' which in reality is designed to protect the profits of multinational corporations rather than address the needs of workers or the environment. The extension, first reached in Busan, South Korea, in May, is less about genuine reform and more about maintaining the status quo for the benefit of the economic elite.
Bessent's comments came after a 90-minute meeting with Chinese Vice Premier He Lifeng, his second such meeting in just four days, as preparations continue for a summit between President Donald Trump and President Xi Jinping. The summit, scheduled for Thursday, is yet another example of closed-door diplomacy that excludes labor voices and civil society. While Beijing has expressed vague interest in a more expansive deal, no concrete commitments to labor rights, environmental standards, or social protections have been offered.
"We met today to see if we could do a bigger deal as opposed to just a series of smaller things," Bessent told reporters, revealing the narrow focus on economic growth for the few rather than justice for the many.
Bessent emphasized that the United States is pressuring China to fulfill existing commitments, including the purchase of $17 billion in agricultural products—a demand that prioritizes agribusiness profits over sustainable farming or food security. While China is reportedly on track with its soybean quota, other agricultural purchases lag, and Bessent also raised concerns about delayed deliveries of rare-earth minerals, vital for the tech industry but often extracted under exploitative conditions.
The upcoming summit, the second of potentially four meetings between the leaders this year, is expected to focus on removing tariffs on $30 billion of non-critical goods and further liberalizing financial services and agriculture—policies that historically benefit Wall Street and large corporations at the expense of workers and small farmers. Bessent insisted that any outcome will be aimed at 'protecting American workers, farmers and businesses,' yet history shows that such deals rarely deliver for ordinary people.
In related talks, Bessent, He, and U.S. Trade Representative Katherine Tai met in New York to discuss possible trade and artificial-intelligence agreements. Both sides agreed to establish a communications hotline for AI safety incidents, but once again, China’s response was not detailed, leaving questions about transparency and accountability in the rush to advance corporate tech interests.