US and China agree to extend trade truce until January: Bessent

President Xi Jinping stepped into Washington on Wednesday for his first visit to the United States in over three years. The trip centered on critical issues such as trade, technology, Taiwan, and Iran. US Treasury Secretary Scott Bessent confirmed that both nations had agreed to extend their 11-month trade truce until January 10, 2027, after it was set to expire on November 10, 2026.

President Trump personally met with Xi at Joint Base Andrews in Maryland, signaling the significance of the three-day visit. The summit occurred amidst ongoing disputes over export controls on rare-earth minerals and computer chips, China's relationship with Iran, and US support for Taiwan. Xi was anticipated to address Beijing's claims over Taiwan, while Trump was expected to retain US export controls despite China's opposition.

The leaders may also negotiate specific agreements, including reduced tariffs on select items, cooperation on drug trafficking, enhanced military communications, and additional discussions on artificial intelligence. They may also discuss the detention of Americans and others in China, with Trump aiming for the release of some detainees.

Despite the substantial disagreements, both sides persist in the summit to maintain stability between the world's leading manufacturing nation and the largest consumer market. The leaders' agenda is expected to be strictly regulated, featuring a state dinner on Thursday attended by tech pioneers like Apple's Tim Cook, Nvidia's Jensen Huang, and OpenAI's Sam Altman.

The summit does not anticipate resolving the disputes between Washington and Beijing but provides the nations with extra time to negotiate unresolved economic matters. A potential follow-up meeting between Trump and Xi is also possible later in 2026, possibly during the Asia-Pacific Economic Cooperation summit in China or the Group of 20 meetings in the United States.