US Treasury Secretary Scott Bessent announced on Wednesday that Washington and Beijing have agreed to extend the Busan trade agreement for just two months, as Chinese President Xi Jinping arrives in Washington for a state visit.
“We have agreed today that we will extend what we call the Busan Agreement,” Bessent said in an interview with Fox News, adding the agreement will be extended until January 10.
Bessent made the remarks hours after an unscheduled meeting with Chinese Vice-Premier He Lifeng at the World Bank headquarters, following their earlier engagement on Sunday at JPMorgan’s offices in New York.
The South China Morning Post reported in August that the Busan trade agreement was likely to be extended, but the two sides differed on the truce’s duration.