US and China reach new trade arrangement after Trump-Xi Washington summit

US President Donald Trump and Chinese President Xi Jinping announced a new trade arrangement following their Washington summit, according to a report, marking a key step to stabilize relations between the world’s two largest economies. Chinese President Xi Jinping said the latest consultations produced a “new joint arrangement,” calling it good news for businesses and the global economy, though details were not disclosed. US Treasury Secretary Scott Bessent confirmed the existing trade truce was extended to January 10, 2027, from its November 10 expiry, allowing more time for negotiations. The leaders also discussed artificial intelligence, Taiwan, the Middle East, Ukraine, and the Korean Peninsula. Xi urged the US to oppose “Taiwan independence” and called for AI cooperation, while the summit marked Xi’s first Washington visit in over a decade and their third in-person meeting.