U.S. and China agree to extend trade truce through Jan. 10, Bessent says

The United States and China have agreed to extend a bilateral trade truce that was set to expire in November through Jan. 10, Treasury Secretary Scott Bessent said Wednesday.

The announcement came after Bessent and China’s vice premier, He Lifeng, held an unscheduled meeting in Washington.

“We will extend what we call the ‘Busan Agreement’ — the economic détente between the two countries that was scheduled to end on Nov. 10 — that is going to be extended until Jan. 10,” Bessent said in an interview on Fox News Channel.

Bessent said it’s possible a larger economic package will be agreed upon by January. But it’s also possible to “just roll the current deal” and extend it further.

“There are some deliverables that have not been perfect on the Chinese side, so we also want to see, now that we’ve sat down and told them our expectations, if over the coming months they can be more fulsome in enacting the agreement,” he said.

The announcement, a big win for economic stability in both countries, came only minutes after Chinese President Xi Jinping touched down to begin a multiday state visit to Washington.

Bessent also indicated that there could be further…

Original source: https://www.nbcnews.com/business