U.S. and China extend trade truce to January 10, Bessent says

The United States and China have agreed to extend their trade truce, originally set to expire in November, through January 10, Treasury Secretary Scott Bessent announced Wednesday. Bessent made the announcement after an unscheduled meeting with China's Vice Premier He Lifeng in Washington, extending what he called the "Busan Agreement." He noted some Chinese deliverables have been imperfect and that Washington expects more fulsome enactment of the agreement in coming months. The announcement came minutes after Chinese President Xi Jinping arrived in Washington for a state visit. Bessent indicated further announcements may follow, including potential Chinese purchases of American agricultural products and deals in the financial services sector.