The US and China extended the Busan trade agreement until January 10

The United States and China agreed to extend the Busan Trade Agreement until January 10. As a result of the meeting at the South Korean Gimhae Air Base in Busan, the United States reduced duties on Chinese goods, and China allowed the purchase of American agricultural products and agreed to continue free supplies of rare earth metals.

MOSCOW, September 24 - RIA Novosti. The United States and China have agreed to extend the Busan Trade Agreement until January 10, US Treasury Secretary Scott Bessent said.

"We have agreed that we will extend what we call the Busan agreement ... until January 10th so that we have more time to see what we can do on the economic front," Bessent said on Fox News.

US President Donald Trump and Chinese President Xi Jinping met on October 30 at the South Korean Gimhae Air Base in Busan. As a result of the meeting, the parties reached a trade agreement for a period of one year. In particular, the United States reduced duties on Chinese goods from 57% to 47% by reducing fentanyl tariffs from 20% to 10%.