US and China Extend Busan Trade Deal to January 2027

The United States and China have agreed to extend their "Busan agreement" on trade measures until January 10, 2027, according to US Treasury Secretary Scott Bessent. The deal, which eases some bilateral trade restrictions, was set to expire on November 10, 2026. Bessent announced the extension on Fox News, stating the goal is to gain more time to determine what economic agreements the two countries can reach. The original accord, reached in Busan, South Korea in 2025, includes reduced US tariffs on Chinese exports and China's commitments on rare earth metals and US agricultural purchases. The extension provides additional breathing room for negotiations amid ongoing economic tensions between the world's two largest economies. The agreement's provisions on tariffs and supply chains remain central to managing the bilateral trade relationship.