US Treasury Secretary Scott Bessent confirmed that Washington and Beijing have once again renewed the trade truce, agreeing to deepen talks on key economic issues. The decision comes after a sharp trade escalation that last year was spiraling out of control for both sides.
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In an interview with Fox News, Bessent revealed that the two sides held a 12-hour meeting on Wednesday and reached an agreement on the extension, with the aim of “buying more time to see what steps can be taken on the economic plan.” He described the meeting as productive.
The truce has been extended several times since May 2025, when the world’s two largest economies sat down in Geneva to seek a solution to the trade conflict. At the most heated moment, US tariffs on Chinese products reached a record 145%, practically blocking the entry of any Chinese goods into the American market. In response, China imposed tariffs of over 100% on products from the US.
Currently, tariffs have been reduced significantly: 30% on Chinese goods entering the US and 10% on American products heading to China. These levels have been extended repeatedly, with the most recent renewal in August for a 90-day period. The previous deadline would have expired on November 10, but the new agreement now pushes it to January 10. If the truce were allowed to expire, US tariffs would automatically jump to 54%, while Chinese tariffs would return to 34%.
Although talks have continued without interruption throughout the past year, both countries have not backed away from export restrictions they consider essential to national security. Among them are high-tech chips for artificial intelligence and rare earth minerals.
