US and China extend bilateral trade truce through Jan. 10

Treasury Secretary Scott Bessent said Wednesday that the United States and China have agreed to extend their bilateral trade truce through Jan. 10, preserving the so-called Busan Agreement beyond its original Nov. 10 expiration date. The announcement followed an unscheduled meeting between Bessent and Chinese Vice Premier He Lifeng earlier in the day in Washington.

"We will extend what we call the Busan Agreement -- the economic detente between the two countries that was scheduled to end on Nov. 10. That is going to be extended until Jan. 10," Bessent told Fox News.

Compliance concerns

Bessent noted that Beijing has not fully met all deliverables under the existing framework, suggesting the extension provides time to assess Chinese compliance. "There are some deliverables that have not been perfect on the Chinese side, so we also want to see -- now that we've sat down and told them our expectations -- if over the coming months, they could be a bit more fulsome in enacting the agreement," he added.

Washington will monitor whether Chinese authorities strengthen enforcement of trade commitments during the extended window.

Additional agreements

Bessent hinted that the Chinese delegation may unveil further commitments in the coming days, including potential purchases of US agricultural products and new arrangements in the financial services sector. These announcements would accompany the extended truce timeline.

The extension preserves a temporary economic detente between the world's two largest economies as bilateral negotiations continue into the new year.