The U.S. Treasury Secretary said the U.S. and China agreed to extend the trade truce for two months to January 10 next year.

On Wednesday, U.S. Treasury Secretary Scott Bessent, who is presiding over trade negotiations with China this week, said in an interview with Fox News that the United States and China have agreed to extend the trade truce agreement for another two months after it expires in November.

The truce was agreed in South Korea last year. Before that, President Trump imposed steep tariffs on Chinese exports, and the United States and China were locked in a tit-for-tat trade war. The content of the truce agreement includes: the United States suspends some tariffs and other restrictions imposed on the Chinese economy, and China agrees to stably supply rare earth minerals needed for American cars, semiconductors, aircraft, power tools and other products.

Bessant said that the agreement will be extended until January 10 next year, "giving us more time to explore what measures can be taken in the economic field."

Bessant's interview came as President Trump was holding a grand ceremony at an Air Force base outside Washington to welcome Chinese President Xi Jinping for a multi-day state visit.

The visit also includes another welcoming ceremony at the White House escorted by an honor guard, a meeting between the two heads of state, a state banquet and a visit to the National Archives. Bessant said this was the second of up to four face-to-face meetings between the two leaders this year.

Chinese officials have yet to confirm an extension of the trade truce. After arriving in the United States, Xi Jinping issued a statement through Chinese state media, calling on Beijing and Washington to focus on cooperation and saying that he looked forward to in-depth exchanges with President Trump.

The finance minister said he met again with Chinese Vice Premier He Lifeng on Wednesday - the two also met on Sunday - 'to see if we can reach a bigger deal'. Bessant said that the two sides are working to reduce tariffs on US$30 billion worth of imported goods from their respective countries, and the two countries may also issue relevant statements on financial services and agricultural procurement.

Bessant acknowledged that China was "behind schedule" in purchasing some agricultural products and said the United States was encouraging China to increase its purchases.

The agreement will allow the United States and China to put aside their differences and face four important matters in the coming weeks. For the United States, this includes the midterm elections on November 3 and the G20 Leaders’ Summit in Miami on December 14 and 15.

For China, this includes the Fifth Plenary Session of the 20th CPC Central Committee in Beijing from October 26 to 29, and the APEC Leaders’ Informal Meeting in Shenzhen from November 18 to 19.