The United States and China agreed to extend their bilateral trade truce, originally set to expire Nov. 10, through Jan. 10, Treasury Secretary Scott Bessent said after an unscheduled meeting with China’s vice premier He Lifeng in Washington. Bessent called the pact the "Busan Agreement" and said Washington and Beijing could either negotiate a larger economic package by January or simply roll the current deal forward. He said some Chinese deliverables under the agreement have not been perfect and Washington wants to see more fulsome enactment in the coming months. The announcement came minutes after Chinese President Xi Jinping arrived in Washington for a multiday state visit. Bessent said further announcements from the Chinese delegation could include agreements to buy more American agricultural products and potential deals in the financial services sector. He and U.S. Trade Representative Jamieson Greer have been holding talks with Chinese counterparts since Sunday, and on Sunday they proposed exchanging alerts about AI-related hacking incidents and discussed lists of goods for lower tariffs under President Donald Trump’s "Board of Trade" initiative, with consumer goods likely from China and U.S. energy, agricultural products and medical devices named as possible beneficiaries.
