US open to extending China trade truce, or bigger deal, Bessent says

WASHINGTON — U.S. Treasury Secretary Scott Bessent stated on Wednesday that the United States is open to extending or potentially expanding the current U.S.-China trade truce, which is set to end on November 10, during a meeting with Chinese Vice Premier He Lifeng ahead of the upcoming summit between the two nations' leaders. Bessent did not provide specifics regarding a possibly larger U.S.-China trade deal following his second discussion with He in just four days.

The heads of the United States and China, President Donald Trump and President Xi Jinping, are anticipated to deliberate further on the topics at the White House on Thursday. The Chinese proposed the notion of a bigger deal, and considering this could be a landmark year with the leaders convening up to four times—this being the second meeting, held in Shenzhen and then in Miami—Bessent told reporters that his administration is open to continuing the Busan arrangement or exploring the potential for a larger deal.

Both options are acceptable to the U.S., and the administration will take the decision that best serves the interests of American citizens. Earlier, Bessent described the meeting at the World Bank headquarters in Washington as a clarification session.