US and China extend trade truce by two months
US Treasury Secretary Scott Bessent announced Wednesday that the US and China have extended their trade truce, known as the 'Busan Agreement,' from November 10 to January 10, providing two additional months for negotiations. Bessent made the announcement following a Washington meeting with Chinese Vice Premier He Lifeng, coinciding with Chinese leader Xi Jinping's state visit. He noted the extension allows time for a broader deal, while acknowledging some Chinese deliverables have been imperfect. Xi's visit may yield announcements on Chinese purchases of American farm products and financial services. Officials could also discuss lower tariffs on selected goods and a system for sharing alerts about serious AI-related security incidents.