The U.S. and China have reportedly agreed to extend a trade truce between the two nations through January 10, 2027.
According to The New York Times, Treasury Secretary Scott Bessent said that the extension will "give us more time to see what we can do on the economic front," noting that it's unclear whether a larger deal can be done. As part of the ongoing agreement, the U.S. will continue to suspend certain tariffs against China, while China will keep a supply of rare earth minerals flowing for American factories that manufacture vehicles, semiconductors and other products.
Speaking to Fox News, Bessent shared that the two sides are working toward a permanent deal that would cut tariffs on $30 billion of imports from both countries. However, Bessent added that there are still several issues to work out, including the fact that China has been behind schedule on promised purchases of U.S. agricultural goods.
Chinese President Xi Jinping arrived in Washington, D.C. on September 23 for an official state visit, where he's expected to sit down with President Donald Trump for a bilateral summit to discuss trade, advanced artificial intelligence and security. The now-extended truce was originally set to expire on November 10.
