US Treasury Secretary Scott Bessent said the US and China would extend their trade truce until Jan. 10, 2027, two months beyond its November expiry. China had not confirmed; if it takes effect, current tariffs and rules would remain through 2026.
The one-year truce announced in South Korea last October reduced some US tariffs on Chinese goods, while China stepped back from a promise to restrict rare-earth exports for a year. The deal also suspended some shipping fees, eased US export controls and included increased Chinese purchases of US soybeans.
Bessent said the extension would give more time for economic talks and that China had proposed a broader deal, which Washington was open to discussing. He said China was holding up soybean commitments and behind schedule on other agricultural purchases; Trump named greater market access for US farmers and ranchers as a summit priority. The administration is considering new 7.5% tariffs on China over overcapacity, but delayed a decision until after the summit and possibly until after the midterm elections.
