Shortly after Chinese President Xi Jinping touched down in the U.S. Bessent said two sides would extend a trade truce that was set to expire in November. I don’t know whether we will just roll the current deal,” Scott Bessent added. | Julia Demaree Nikhinson/AP Treasury Secretary Scott Bessent said Wednesday evening that the U.S. and China have agreed to extend their trade truce, shortly after Chinese leader Xi Jinping arrived in Washington for two days of meetings.
But the extension is just two months — setting up another deadline for early next year. Under the initial arrangement, which President Donald Trump and Chinese leader Xi Jinping hammered out last October in Busan, South Korea, both sides rolled back restrictions on critical minerals and high-tech exports that had threatened to cripple global supply chains. They also extended a pause on their triple-digit tariffs.
The truce was set to expire Nov. 10. I don’t know whether we will just roll the current deal,” Bessent added. Bessent’s comments came shortly after Xi landed on U.S. soil at Joint Base Andrews, where Trump met him on the tarmac.
The pair are set to meet at the White House Thursday followed by a state dinner. The visit is Xi’s first to the U.S. in over a decade. Bessent and his Chinese counterpart, Vice Premier He Lifeng, met at the World Bank in Washington earlier Wednesday, where the pair talked about expanding the truce, Bessent said.
Trade Representative Jamieson Greer also met in New York on Sunday. In addition to the extension of the trade stalemate, Bessent teased further announcements from Xi’s visit. But Beijing is not on track to meet its prorated target for 2026.
Beijing last year also pledged to buy 12 million metric tons of U.S. soybeans in the last two months of 2025, plus an additional 25 million tons each year from 2026 to 2028. It did not meet its 2025 soybean target. Bill Cassidy on vaccines, RFK Jr. and the fight for public trust Global power is in flux.
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