The U.S. and China have extended a truce to keep tariffs lower for longer and rare earths flowing, U.S. Treasury Secretary Scott Bessent said Wednesday local time.
He was speaking on Fox News, as Chinese President Xi Jinping landed in Washington, D.C. for a state visit through Friday.
Xi and Trump agreed to a one-year trade truce at a meeting in South Korea last October. The deal, which was set to expire in November, will now be extended to Jan. 10, Bessent said. He added that Beijing needs to fulfill more deliverables.
Ahead of this week’s summit, many had expected the truce would be extended by six months or longer.
Chinese state media did not immediately note Bessent’s comments on the trade truce.
Footage streamed on China’s state broadcaster showed U.S. President Donald Trump and First Lady Melania Trump meeting Xi and First Lady of China Peng Liyuan at the foot of the Chinese leader’s jet. The video did not show the U.S. and Chinese leaders shaking hands — it focused on Xi and his wife shaking hands with two children presenting them each with bouquets.
Bessent met with Chinese Vice Premier He Lifeng in New York ahead of Xi’s arrival in the U.S. The two sides discussed setting up an alert system for artificial intelligence incidents, according to Bessent.