US and China to push trade truce deadline to January, Bessent says
The United States and China are pushing back the expiration of their bilateral trade truce from November to January, according to Treasury Secretary Scott Bessent.
TL;DR
- The US and China have extended their bilateral trade truce from November 10 to January 10.
- Treasury Secretary Scott Bessent stated the extension allows for either a larger trade deal or rolling over the current agreement.
- China is expected to improve its enactment of the current agreement in the coming months.
- The trade agreement, negotiated in Busan, South Korea, paused escalating tariffs and lowered some U.S. tariffs on Chinese goods.
- Bessent and U.S. Trade Representative Jamieson Greer met with Chinese counterparts, describing the meetings as productive.
- Chinese President Xi Jinping is in Washington D.C. for a state visit, his first to the U.S. since 2015.
- A bilateral summit between Trump and Xi is a key priority of the visit.