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U.S.-China trade truce extended, Bessent says, as Xi begins visit
CNBC • • nation
Key Points:
- The U.S. and China have agreed to extend their trade truce, keeping tariffs lower and ensuring the flow of rare earths, with the new deadline set for January 10.
- This extension was announced by U.S. Treasury Secretary Scott Bessent as Chinese President Xi Jinping arrived in Washington, D.C. for a state visit.
- The original one-year truce, agreed upon by Xi and former President Trump in October, was due to expire in November but will now continue with additional deliverables expected from Beijing.
- Despite expectations for a longer extension, the truce was only extended by a few months, and Chinese state media have yet to comment on the announcement.
- Xi expressed optimism about the visit, emphasizing partnership over rivalry and the importance of managing competition and differences, though the official statement did not address tariffs or rare earths.
