U.S. Treasury Secretary Scott Vessant announced on September 23 that the trade truce between the United States and China, set to expire in November, will be extended for two months.
In an interview with Fox News on September 24, Vessant stated, "We have agreed to extend the so-called Busan Agreement." He added, "Today, we discussed whether we could achieve a larger-scale agreement instead of continuing with several smaller measures," confirming that the Busan Agreement will now last until January 10, 2027.
The U.S.-China trade truce was originally scheduled to end on November 10. Last year, President Donald Trump and Chinese President Xi Jinping met in Busan during the Asia-Pacific Economic Cooperation (APEC) summit, where they agreed to refrain from escalating the trade war and to suspend additional tariffs and trade retaliation for one year.
Vessant and Vice Premier He Lifeng met in Washington, D.C., at the World Bank headquarters to finalize agenda items ahead of the upcoming summit between President Trump and President Xi on September 24.
Following their meeting, Vessant tweeted, "Today in Washington, D.C., I had substantive discussions with Vice Premier He Lifeng regarding U.S.-China economic relations ahead of the meeting between President Trump and President Xi. The focus of our discussions remained on securing meaningful commitments that enhance U.S. economic and national security interests while protecting American workers, farmers, and businesses."
President Xi arrived in the U.S. on the afternoon of September 24 to begin his state visit. The two leaders are scheduled to hold a summit at the White House.
* This article has been translated by AI.
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