The United States and China have agreed to extend their ongoing trade truce by another two months, US Treasury Secretary Scott Bessent said on Wednesday, as the two sides seek more time to negotiate a broader trade agreement.
The extension will push the truce beyond its scheduled expiry on November 10. Bessent said the additional time would allow Washington and Beijing to work toward a comprehensive deal rather than pursuing a series of smaller agreements.
Bessent made the remarks after holding his second meeting in four days with Chinese Vice Premier He Lifeng. The talks were part of preparations for a planned meeting between US President Donald Trump and Chinese President Xi Jinping on Thursday.
The two sides are seeking to build on an agreement reached in Busan, South Korea, in May. Bessent said the two-month extension would provide additional room for discussions on economic issues, although it remained unclear whether a larger agreement could be reached by January 10.
Washington will also continue pressing Beijing to fully implement commitments made under existing agreements, Bessent said.
According to Bessent, China is fulfilling its commitment to purchase 25 million tonnes of soybeans from the United States. However, he said Beijing remained behind on a broader $17 billion commitment to purchase other agricultural products.
US officials also said last week that China’s supply of rare-earth minerals remained below expected levels.
Several announcements could emerge from Thursday’s Trump-Xi meeting, Bessent said, including the removal of tariffs on about $30 billion worth of non-critical goods, as well as measures involving financial services and agricultural purchases.
The extended truce comes as Washington and Beijing continue efforts to ease tensions in their broader trade relationship while negotiating the terms of a more comprehensive agreement.
Clarify the two-month extension dates
Resolve the timeline inconsistency
Tighten repeated trade-truce phrasing
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