Key facts
- The U.S. and China have agreed to extend the "Busan Agreement" until January 10.
- Treasury Secretary Scott Bessent announced the extension on Wednesday.
- The agreement was set to expire on November 10.
- The announcement was made ahead of Chinese President Xi Jinping's state visit to Washington.
- Bessent met with Chinese Vice Premier He Lifeng prior to the announcement.
U.S. Treasury Secretary Scott Bessent announced on Wednesday that the United States and China have agreed to extend their trade truce, referred to as the "Busan Agreement," until January 10. The agreement, originally set to expire on November 10, was extended following a meeting between Bessent and Chinese Vice Premier He Lifeng. Bessent stated on Fox News' "Special Report" that the extension was agreed upon as the two nations discussed potentially larger deals rather than a series of smaller ones. The announcement comes just ahead of Chinese President Xi Jinping's state visit to Washington. Bessent also indicated that further announcements regarding Chinese purchases of American farm products and financial services deals could be forthcoming in the coming days.