US-China trade truce extended for two more months, tariffs remain unchanged until January 10

The United States and China have decided to extend the temporary suspension of high trade tariffs, gaining additional time to negotiate key economic disputes that erupted last year into an unprecedented trade conflict. The announcement was made by US Treasury Secretary Scott Bessent.

Currently, US tariffs on Chinese imports stand at 30%, while China applies a 10% tax on American products. These levels, extended again, will remain in effect until January 10. Without this agreement, the previous deadline would have expired on November 10, causing US tariffs to automatically jump to 54% and Chinese tariffs to return to 34%.

Bessent told Fox News that both delegations held a marathon 12-hour meeting on Wednesday, which he described as “productive.” The parties agreed to extend the truce so that “we have more time to see what we can achieve on the economic front,” he added.

This temporary tariff suspension began back in May 2025, when both economic powers sat down in Geneva to halt the trade escalation. At the peak of the crisis, Washington had imposed tariffs of up to 145% on Chinese goods, effectively blocking their entry into the American market. In response, Beijing applied taxes of over 100% on US exports.

Although dialogue has continued uninterrupted over the past year, both countries still maintain restrictions on exports of items they consider essential for national security. These include advanced chips for artificial intelligence and rare earth minerals.