US, China agree to extend trade truce by two months, work on bigger deal
WASHINGTON: The United States and China have agreed to extend by two months a trade truce that was due to expire on Nov 10, allowing more time to work on a potentially bigger trade deal, US Treasury Secretary Scott Bessent said on Wednesday.
The United States and China have extended a trade truce for an additional two months, as announced by US Treasury Secretary Scott Bessent. The extension, agreed upon in Busan, South Korea in May, will provide more time to work on a potentially more significant trade deal. Bessent made the announcement after meeting with Chinese Vice Premier He Lifeng, ahead of a summit between US President Donald Trump and Chinese President Xi Jinping.
The two-month extension aims to allow both sides to explore the possibility of a broader deal, beyond the smaller adjustments previously discussed. While Beijing has raised the prospect of a more comprehensive agreement during 12 hours of talks on Sunday, no details of its potential scope have been disclosed. Treasury officials are pressuring China to be more forthcoming in meeting its commitments under the existing deal.
The upcoming summit could see announcements on reducing tariffs on $30 billion in non-critical goods, as well as discussions on financial services and agricultural purchases.
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