U.S.-China trade truce extended for two months, Bessent says, as Xi begins state visit

The United States remains open to either extending the current U.S.-China trade truce, set to expire on November 10, or potentially negotiating a larger trade deal, Treasury Secretary Scott Bessent stated on Wednesday. This declaration came after Bessent's departure from a meeting with Chinese Vice Premier He Lifeng, who convened to prepare for an anticipated summit between the two nations' leaders.

Bessent did not provide specifics regarding a more substantial U.S.-China trade agreement following his second encounter with He in just four days. The White House anticipates further discussions on these matters between U.S. President Donald Trump and Chinese President Xi Jinping on Thursday.

Interestingly, the suggestion of a larger deal originated from China, according to Bessent, who revealed that the Chinese proposed the concept during their meeting on Sunday. Given the potential significance of this year, with the leaders expected to convene up to four times - already having met in Shenzhen and Miami - the U.S. is willing to consider continuing the existing Busan arrangement or exploring the larger deal option.

Bessent affirmed that both possibilities - extending the truce or negotiating a bigger deal - are acceptable to the U.S., with the ultimate goal being what is best for the American people. Earlier, Bessent described the World Bank headquarters meeting in Washington as a productive session that clarified several aspects of the ongoing negotiations.