United States and China extend trade truce by two months
U.S. Treasury Secretary Scott Bessent said Washington and Beijing agreed to extend by two months the Busan trade truce that was due to expire on November 10, giving negotiators more time to seek a larger agreement before a Trump‑Xi summit. Bessent met Chinese Vice Premier He Lifeng to prepare for the leaders' meeting, where officials may announce tariff removals on $30 billion in non‑critical goods and measures on financial services and agricultural purchases. The talks also covered an AI safety communications hotline, while Beijing is meeting its 25 million ton soybean pledge but lagging on $17 billion of other agricultural buys and rare earth deliveries.
The Busan trade truce was extended by two months.
Context
The two sides reached an economic detente in Busan in May that lowered tariffs. Tensions had earlier escalated after tariff hikes and restrictions on critical minerals. The extension gives time to either continue the Busan arrangement or…
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