U.S.-China trade truce extended to January, with rare earths focus

The United States and China have extended a trade truce to January 10, keeping tariffs lower and ensuring uninterrupted flow of rare earths, U.S. Treasury Secretary Scott Bessent said. The agreement, originally set to expire in November, was agreed upon in October 2022 during a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea. Bessent noted that Beijing must fulfill additional deliverables to maintain the extended period. While many observers had anticipated a longer extension—potentially six months or more—this two-month extension marks the current outcome. Chinese state media did not immediately acknowledge Bessent’s remarks regarding the trade truce extension. During Xi’s state visit, which runs through Friday, footage from China’s state broadcaster showed interactions between U.S. President Donald Trump, First Lady Melania Trump, and Xi and his wife, Peng Liyuan. The video captured Xi and Peng shaking hands with children who presented them with bouquets, though it did not depict the U.S. and Chinese leaders shaking hands. Before Xi’s arrival in Washington, Bessent met with Chinese Vice Premier He Lifeng in New York. The discussions focused on establishing an alert system for potential artificial intelligence incidents, according to Bessent.