US and China agree to extend trade truce by two months

US Treasury Secretary Scott Beisent said on Wednesday that the United States and China have agreed to extend their trade truce, which was set to expire on November 10, by two months. The extension will give both sides more time to work toward a potentially broader trade agreement.

Beisent made the announcement to Fox News just hours after his second meeting in four days with Chinese Vice Premier Xie Lifen. The talks are part of preparations for a summit scheduled for Thursday between US President Donald Trump and Chinese President Xi Jinping.

"We met today to see if we could reach a larger agreement instead of just a series of small items," Beisent said, noting that the two-month extension of the trade truce, originally agreed in Busan, South Korea, in May, would give both sides "more time to see what we can achieve economically."

Asked whether a deal could be reached by January 10, Beisent told Fox News that it was still unclear. He added that Washington is also pressing China to "be more committed" to fulfilling its obligations under the current agreement in the coming months.