US, China Extend Trade Truce by 2 Months Ahead of Trump-Xi Summit

The United States and China have agreed to extend their existing trade truce by two months, keeping tariff arrangements in place while negotiators work on a potentially broader economic agreement. US Treasury Secretary Scott Bessent confirmed the extension after meeting Chinese Vice Premier He Lifeng ahead of a summit between US President Donald Trump and Chinese President Xi Jinping.

The current truce was due to expire on November 10. Bessent said the extension would provide additional time to address outstanding issues and explore whether Washington and Beijing could move beyond a series of limited agreements toward a larger trade deal. The two sides are also discussing tariff reductions on non-sensitive goods, agricultural purchases and financial services.

However, several commitments remain unresolved. Bessent said China was meeting its pledge to purchase 25 million tonnes of US soybeans but was behind on a separate commitment involving $17 billion worth of other agricultural products. US officials have also raised concerns about delays in Chinese rare-earth shipments.

Trade tensions between the two economies had previously pushed tariffs to extremely high levels before the Busan agreement reduced bilateral rates. China also agreed to restore supplies of rare-earth magnets and other critical minerals.

The latest talks have also included artificial intelligence. US and Chinese officials have discussed establishing a communication mechanism for AI safety incidents, although the extent of Beijing’s commitment to the proposal remains unclear. The upcoming Trump-Xi meeting is expected to address trade, technology and broader economic issues.

Published: 46m ago

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