US ready to extend Busan trade agreement with China or discuss broader deal
Quick Look
Following the meeting between Trump and Xi Jinping in Busan, the United States cut tariffs on Chinese goods from 57% to 47% and is ready to either extend the agreement for a year or move to a larger trade deal with China, Treasury Secretary Scott Bessent said.
AI-generated summary
Why It Matters
The US and China have been negotiating a trade deal since Trump and Xi Jinping met in Busan on October 30, which resulted in a one-year temporary agreement with mutual concessions.
The United States is ready to extend the Busan trade agreement with China or work on a broader deal.
Following a meeting between US President Donald Trump and Chinese President Xi Jinping, the parties reached a trade agreement for a year, within which the US reduced duties on Chinese goods, and the PRC agreed to purchase American agricultural products and continue free supplies of rare earth metals.
WASHINGTON, September 23 - RIA Novosti. The United States is ready to extend the Busan trade agreement with China or work on a broader deal, US Treasury Secretary Scott Bessent said.
"We are open to both extending the Busan accords and considering a larger deal. We are comfortable with both options, and we will do what is best for the American people," Bessent told reporters.
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%.
What to Watch
AI outlook — possibilities, not facts
The parties may announce an extension of the Busan Trade Agreement for another year before the end of the current term.
Likely · Within months
Talks on a broader trade deal between the US and China could begin in the coming quarters
Possible · Within months
Open Questions
- What specific products will be included in the expanded deal if the parties decide to discuss it?
- What will be the exact mechanism for monitoring the implementation of agreements on the purchase of agricultural products and the supply of rare earth metals?
- Is there a timeline for moving from the interim agreement to a wider deal?
