The United States and China have agreed to extend their trade truce, maintaining reduced tariff levels and continued rare earth exports, according to U.S. Treasury Secretary Scott Bessent, who announced the extension during a Wednesday interview on Fox News. His comments coincided with Chinese President Xi Jinping’s arrival in Washington, D.C. for a state visit lasting through Friday.
President Xi and former President Trump initially established a one-year trade agreement during their meeting in South Korea last October. Originally set to expire in November, that truce will now remain in effect until January 10, Bessent confirmed, noting that additional commitments from Beijing are still anticipated.
Before this week’s summit, many analysts had projected the truce might be extended by six months or longer.
Chinese state media did not immediately respond to Bessent’s announcement regarding the trade agreement extension.
State broadcaster footage showed President Trump and First Lady Melania Trump greeting President Xi and China’s First Lady Peng Liyuan at the base of the Chinese leader’s aircraft. The video notably did not capture the two presidents shaking hands, instead focusing on Xi and his wife exchanging handshakes with two children who presented them with bouquets of flowers.
In a separate development, Bessent met with Chinese Vice Premier He Lifeng in New York prior to Xi’s arrival. During their discussions, the parties explored the establishment of an alert system for artificial intelligence-related incidents, Bessent stated.
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