Just before the Trump-Xi summit: the new agreement between the US and China

The US and China have agreed to extend for two months, until January 10, the understandings on tariffs that were set to expire on November 10. The extension is intended to provide additional time to formulate a broader trade agreement, said US Treasury Secretary Scott Bessent. The announcement comes hours before the Trump-Xi summit.

The US and China have agreed to extend for two months, until January 10, the understandings on tariffs reached in Busan, South Korea in May, which were set to expire on November 10. The extension is intended to give the two powers additional time to try to formulate a broader trade agreement. US Treasury Secretary Scott Bessent made the remarks in an interview with Fox News, after meeting for the second time in four days with Chinese Vice Premier He Lifeng, as part of preparations for the leaders' meeting. Bessent said that during 12 hours of talks on Sunday, Beijing raised the possibility of reaching a broader trade agreement. He did not detail what such a deal might include. According to him, Washington simultaneously demands that Beijing more fully meet commitments it has already undertaken. Bessent said China is meeting its commitment to purchase 25 million tons of soybeans from the US, but is lagging in fulfilling its commitment to purchase additional agricultural products worth $17 billion. At the Trump-Xi summit, additional understandings on trade issues may be announced, including the removal of tariffs on non-critical goods worth $30 billion. Alongside the economic talks, the sides also discussed artificial intelligence and agreed to establish a "hotline" for updates on safety incidents in the field.