US and China Extend Trade Truce to January 10

The US and China have extended their trade truce until January 10 to maintain low tariffs and rare earth metal supplies, US Treasury Secretary Scott Bessent announced on Fox News. The extension coincides with Chinese President Xi Jinping's state visit to Washington. Bessent stated Beijing must fulfill additional commitments under the existing agreements. The extension is shorter than the six-month or longer period many had anticipated before the summit. Bessent also met with Chinese Vice Premier He Lifeng to discuss an AI incident alert system. The original one-year truce was signed by Donald Trump and Xi Jinping in South Korea in October last year. The agreement was set to expire in November but has now been officially extended.