U.S. weighs extending China trade truce or broader deal

WASHINGTON — U.S. Treasury Secretary Scott Bessent said the United States is open to extending a U.S.-China trade truce set to expire November 10 or considering a broader deal raised by China, The Korea Times reported.

The talks come ahead of an expected White House meeting Thursday between President Donald Trump and Chinese President Xi Jinping, with tariffs, rare earth supplies and artificial intelligence safety among the issues in play.

The Korea Times reported that Bessent met Chinese Vice Premier He Lifeng twice in four days as officials prepared possible trade and artificial intelligence agreements for Trump and Xi to consider.

Bessent said China raised the idea of a larger agreement Sunday. "We're fine with both, and we're going to do what's best for the American people," Bessent, the U.S. Treasury secretary, told reporters, according to The Korea Times.

The current arrangement lowered tariff rates between the two countries after they had climbed to triple digits, The Korea Times reported. China also had agreed to resume shipments of rare earth magnets and other critical minerals, though U.S. officials said deliveries "has not been up to par."

Bessent said the Trump administration sought strategic stability based on "reciprocity and fairness." The Korea Times reported that Bessent and U.S. Trade Representative Jamieson Greer held meetings in Washington and New York to prepare potential agreements.

The two governments also agreed to create a communications "hotline" for AI safety incident notifications, according to Bessent. The Korea Times reported that China’s state news agency Xinhua acknowledged only that the two sides discussed AI.

Greer told Bloomberg TV that talks on the trade truce were expected to continue. "But my expectation is we'll continue talking and I think both sides want it," Greer, the U.S. trade representative, said, according to The Korea Times.

Trump and Xi are expected to take up the issues Thursday at the White House, The Korea Times reported.