'US-China trade truce to be extended to January'
US Treasury Secretary Scott Bessent on Wednesday said Washington and Beijing have agreed to a two-month extension of their trade truce, which was due to expire on November 10. The deal came after marathon talks between Bessent and Vice Premier He Lifeng in New York on Sunday and in Washington on Wednesday. The announcement came just as President Xi Jinping arrived in the United States for a high-stakes summit with his US counterpart Donald Trump on Thursday. "We have agreed today that we will extend what we call the Busan Agreement, the economic detente between the two countries that was scheduled to end on November 10th," Bessent told Fox News in an interview. "That is going to be extended until January 10th to give us more time to see what we can do on the economic front," he added. The truce, which took effect last year, came after Trump struck a deal with Xi. The agreement saw both sides agree to reduce tit-for-tat tariffs and for the United States to extend certain tariff exclusions. Washington had also agreed at the time to suspend responsive actions after an investigation into China's shipbuilding sector. Bessent on Wednesday also flagged the possibility that both sides could reduce tariffs on US$30 billion...
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