WASHINGTON, Sept 24 – The United States and China have agreed to extend their bilateral trade truce by two months to Jan 10, US Treasury Secretary Scott Bessent announced on Wednesday.
The original one-year tariff ceasefire, which formed the bedrock of recent economic detente between the two global powers, was initially set to expire on Nov 10.
The truce was established following a high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea last October, after both nations engaged in retaliatory tariff escalation exceeding 100 percent.
Bessent confirmed that US and Chinese trade negotiators finalized the extension agreement earlier Wednesday.
“We met today to see if we could do a bigger deal as opposed to just a series of smaller things,” Bessent stated regarding the negotiations.
The announcement coincided with President Trump personally welcoming President Xi upon his arrival at Joint Base Andrews near Washington.
The extension of the trade ceasefire removes immediate uncertainty ahead of the formal bilateral summit between Trump and Xi scheduled at the White House on Thursday.
–NMT
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