U.S. Treasury Secretary Scott Bessent said Washington is open to extending its China trade truce, which expires November 10, or exploring a larger deal suggested by China. Donald Trump and Xi Jinping are expected to discuss the options at their Thursday summit.
Bessent spoke after a second meeting in four days with Chinese Vice Premier He Lifeng and gave no details of the potential larger deal. The Busan truce, struck last year, sharply reduced tariff rates that had climbed into triple digits; China also agreed to restore rare-earth magnet and other critical-mineral flows. U.S. officials said last week that Chinese rare-earth deliveries had not been “up to par.”
Sunday’s talks also covered possible tariff cuts on non-strategic goods and Chinese purchases of Boeing aircraft and U.S. agricultural goods. U.S. Trade Representative Jamieson Greer said the sides would put into operation a process for proposing tariff cuts, called the “Board of Trade.” Bessent said they agreed to establish an AI-safety communications hotline, but China’s public response to the plan was unclear.
