US and China Agree to Extend Trade Truce to Jan. 10

The United States and China have agreed to extend their bilateral trade truce to Jan. 10, according to the US Treasury Secretary, pushing back an expiration date that had been set for Nov. 10.

"We will extend what we call the Busan Agreement -- the economic detente between the two countries that was scheduled to end on Nov. 10," the Treasury Secretary said, according to a report from Anadolu Agency.

Background on the truce

The Busan Agreement refers to the economic detente reached between Washington and Beijing, which had been due to expire in November before the newly announced extension. Details on the broader terms of the agreement were not included in the initial report.

The extension suggests both countries are seeking to maintain a period of reduced trade tensions rather than allowing the truce to lapse, even as broader economic and strategic competition between the two countries continues.

Further details on the specific terms of the extended truce, including any conditions attached to the Jan. 10 deadline, were expected to emerge in subsequent statements from both governments.