Treasury Secretary Scott Bessent announced that the United States and China have agreed to extend their trade truce for two months past the November deadline. The extension, confirmed until January 10, gives both nations more time to work on economic agreements, Bessent said in a Fox News interview. The truce, originally struck in South Korea last year after President Trump imposed steep tariffs, involves the U.S. suspending certain tariffs on China and China providing rare earth minerals for American manufacturing.

Bessent met with Chinese Vice Premier He Lifeng to pursue a larger deal, noting both sides are working to reduce tariffs on $30 billion of imports and discussing financial services and agricultural purchases. He acknowledged China is behind schedule on some agricultural commitments. The agreement coincides with President Trump's state visit to China, including meetings with Xi Jinping.

Chinese officials have not yet confirmed the extension, but Xi called for cooperation during his arrival statement. The truce extension aligns with major events including the U.S. midterm elections, G20 summit, and China's Party Congress.