US and China Extend the Busan Trade Truce to January 10

US Treasury Secretary Scott Bessent told Fox News on Wednesday, September 23, 2026 (1 Mehr 1405) that Washington and Beijing had agreed to extend the "Busan Agreement." He said the trade deal, which was due to expire on November 10, has been extended to January 10. The agreement has temporarily held off heavy tariffs between the two countries. Bessent said he met Chinese Vice Premier He Lifeng ahead of the visit to explore "a bigger deal" rather than a series of smaller ones.

Chinese President Xi Jinping arrived at Joint Base Andrews on Wednesday, Washington time, where Donald Trump greeted him in person at the start of a three-day visit. According to Al Jazeera, trade, Taiwan, artificial intelligence and the Iran file are the likely topics of the leaders' talks. China is one of the main buyers of Iranian oil, and the course of trade ties between the world's two largest economies bears directly on oil demand and commodity prices.