Busan Agreement deadline for US-China economic relations extended until January 10

In his interview with Fox News, Bessent made evaluations about his meeting with Chinese Deputy Prime Minister Hı Lifing. Recalling that he met with Hı in New York on Sunday, Bessent said that they had a meeting that lasted 12 hours, but there were still some issues that were not completed.

Bessent stated that they are evaluating whether they can make a more comprehensive agreement in Washington on Wednesday and said, "We agreed today to extend the economic détente process between the two countries, which is planned to end on November 10 and which we call the 'Busan Agreement'. The duration of this agreement will be extended until January 10 in order to give us more time to see what we can do in the economic field." he said. Stating that there are some issues that are not perfect on the Chinese side, Bessent noted that they have clearly conveyed their expectations and that they want to see whether they will display a more comprehensive and enthusiastic attitude towards the implementation of the agreement in the coming months.

Bessent's statements came as Chinese President Xi Jinping came to Washington for an official visit at the invitation of US President Donald Trump.

On the other hand, Bessent shared on his social media account, "Today, in Washington, before the meeting between President Trump and President Xi, we held comprehensive discussions with Deputy Prime Minister Hı Lifing on US-China economic relations. Our talks continued to focus on achieving concrete commitments that protect American workers, farmers and businesses while advancing the economic and national security interests of the United States." he said.

BUSAN AGREEMENT

Relations between the United States and China became knotted during Trump's second term in power, due to a series of disagreements that expanded with the Washington administration's tariff increases and restrictions in technology on the one hand, and the steps taken by China towards the control of rare earth elements, from which the majority of the global supply is met, on the other.

At the meeting between Trump and Xi in October 2025 in Busan, South Korea, the parties reached a temporary compromise on the disputed issues.

At the meeting, the two countries announced that they had agreed to postpone the 24 percent additional tariff they imposed on each other within the scope of "mutual tariffs" for one year, starting from November 10, 2025.

While the Chinese side committed to take the necessary steps to control the export of fentanyl and its precursors, the US side announced that it would reduce the 20 percent additional customs tariff imposed on China to 10 percent due to the inadequacy of its measures in this field.

On September 29, the Washington administration postponed the entry into force of the rule, which includes partnerships in which foreign companies have more than 50 percent shares in the export control entity list, for one year, while the Chinese side agreed to postpone the implementation of the measures taken on October 9 regarding the control of the export of rare earth elements for one year.

As a result of the Article 301 investigation launched into China's maritime, logistics and shipping sectors, the USA announced that it would impose an additional port fee per ton on Chinese ships using its country's ports, and China announced that it would postpone the measures it took in retaliation for one year.