US–China: Trade truce extended by two months until January 10

The United States and China have agreed to extend their trade truce until January 10, U.S. Treasury Secretary Scott Bessent announced on Wednesday, September 23, following a meeting with Chinese Vice Premier He Lifeng in Washington. This extension comes just ahead of the meeting between Donald Trump and Xi Jinping.

The agreement was originally set to expire on November 10. Scott Bessent explained to Fox News that the additional two months are intended to allow negotiators to explore a broader agreement rather than a series of limited compromises. Their discussion on Wednesday lasted approximately 90 minutes, following twelve hours of talks on Sunday.

The truce established in May in Busan had reduced bilateral tariffs that had reached triple-digit levels. Beijing also agreed to restore shipments of rare earths and other critical minerals. However, Washington believes that China is still lagging on certain commitments, including $17 billion in agricultural purchases outside of soybeans and several rare earth deliveries.

According to the Treasury Secretary, Thursday’s summit could lead to decisions regarding the removal of tariffs on $30 billion worth of non-strategic products, financial services, and new agricultural purchases. He acknowledged that no comprehensive agreement is guaranteed by January 10.

The Chinese Ministry of Foreign Affairs confirmed that Xi Jinping will make a state visit to the United States from September 23 to 25. By Thursday morning, it had not yet released a detailed account of the extension announced by Scott Bessent.