Treasury Secretary Scott Bessent said Wednesday that the United States and China have agreed to extend their trade truce through Jan. 10. The move preserved an economic détente reached last year as Chinese President Xi Jinping arrived in Washington for a high-profile state visit with President Donald Trump. Bessent announced the extension after meeting with Chinese Vice Premier He Lifeng in Washington, saying the two sides had agreed to extend what is known as the “Busan Agreement,” which had been scheduled to expire Nov. 10.
Bessent made the announcement in an interview with Fox News’ “Special Report,” with Reuters and NBC News also reporting his comments. “We have agreed today that we will extend what we call the Busan Agreement,” Bessent said, adding that the agreement will remain in place until Jan. 10. The extension gives the two countries additional time to work through unresolved trade issues and potentially negotiate a broader economic agreement, with Bessent saying Washington remains open either to maintaining the existing framework or pursuing a larger deal.
