Treasury Secretary Scott Bessent on September 23, 2026. The economic détente, originally born out of prior negotiations in Busan, was set to expire on November 10 before both superpowers pushed the deadline back amid high-level diplomatic talks in Washington.
Treasury Secretary Confirms Busan Agreement Extension
U.S. Treasury Secretary Scott Bessent confirmed the two-month extension during an interview with Fox News. Bessent led the latest round of economic talks with Chinese Vice Premier He Lifeng, laying the groundwork to preserve the existing tariff framework. “We have agreed today to extend what we call the Agreement of Busan,” Bessent stated, pointing out that the move gives both governments more breathing room to negotiate broader structural reforms.
The Treasury Secretary noted that officials are still evaluating whether a more comprehensive trade pact is achievable or if maintaining the current framework serves both nations best. The ongoing economic arrangement has successfully kept Washington from slapping additional tariffs on Chinese imports while Beijing has held off on implementing harsher export controls on rare earth elements and critical minerals.
Xi Jinping Arrives in Washington for State Visit
Chinese President Xi Jinping landed at Andrews Air Force Base near Washington at approximately 21:40 GMT on a three-day state visit, as reported by Agence France-Presse and EFE. President Donald Trump and First Lady Melania Trump greeted Xi and Chinese First Lady Peng Liyuan directly on the tarmac. A full military honor guard, flags, and fighter jets greeted the delegation, reflecting the high stakes the White House places on the diplomatic summit.
This marks Xi’s first visit to the White House in over a decade, following his 2015 trip hosted by then-President Barack Obama. It is also the third face-to-face meeting between Trump and Xi since the American president returned to office, following prior summits in Busan in October 2025 and Beijing in May 2026.
Did you know? The initial trade framework keeping current tariffs in check stems from bilateral meetings held in Busan, South Korea, establishing a baseline for ongoing tariff suspensions and mineral export stability between the world’s two largest economies.
Core Agenda: Tariffs, AI Safety, and Taiwan
Trump and Xi are scheduled to hold formal talks addressing several major geopolitical friction points, including trade enforcement, the war in Iran, the political status of Taiwan, and competitive developments in artificial intelligence.
While diplomatic observers do not anticipate sweeping final treaties from this round of talks, both administrations intend to preserve open communication channels. Following Thursday’s policy meetings, Trump and Melania Trump will host Xi and Peng Liyuan for a state dinner at the executive mansion. Constitution and Declaration of Independence during the nation’s 250th anniversary year.
Frequently Asked Questions
When does the extended U.S.-China trade truce expire?
According to U.S. Treasury Secretary Scott Bessent, the extended agreement runs through January 10, 2026, postponing the previous November 10 expiration date.
What were the main topics discussed during Xi Jinping’s visit?
Discussions cover the bilateral trade truce, export controls on critical minerals, artificial intelligence safety, Taiwan, and broader geopolitical issues involving Iran.
Where did President Trump greet President Xi Jinping?
President Trump and First Lady Melania Trump welcomed President Xi and Peng Liyuan at Joint Base Andrews in Maryland.
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