The United States and China have officially postponed the resumption of trade disputes. The sides agreed to extend the Busan agreement until January 10, 2027. US Treasury Secretary Scott Bessent told Fox News that Washington and Beijing simply needed more time to assess next steps on the economic front.
The original deal, struck by the two leaders last year at South Korea’s Gimhae airbase, was due to expire on November 10. Under its terms, the US reduced punitive tariffs on Chinese goods, while Beijing agreed to allow purchases of American agricultural products and guaranteed continued exports of rare earth metals.
Extending the trade pact provides an ideal diplomatic backdrop for Chinese President Xi Jinping’s visit to the United States. At the same time, the countries are building ties in the technology sector. Earlier, Scott Bessent held successful talks with China’s Vice Premier He Lifeng: the sides agreed to create a new oversight mechanism for neural networks called the “US‑China AI Dialogue.”
