US and China Extend Trade Truce as Xi Visits Washington

The United States and China have agreed to extend their trade truce for two months, until January 10, Treasury Secretary Scott Bessent announced as Chinese leader Xi Jinping arrived in Washington for a rare three-day visit. The extension prevents the lapse of a temporary deal set to expire in November. Bessent said he and Chinese Vice Premier He Lifeng agreed to the extension during a meeting at the World Bank, with both nations scaling back tariffs and refraining from new trade restrictions. He hinted at possible announcements on financial services and agriculture purchases during Xi's visit, while noting upcoming summits in China and Florida could allow further discussions. Xi's visit, his first to the US in over a decade, includes a White House meeting and state dinner, with Trump greeting him personally at Joint Base Andrews. The leaders have sought strategic stability despite tensions over artificial intelligence, Iran, and Taiwan, with Xi stating the two countries "should be partners, not rivals."