- Washington and Beijing Continue Efforts to Ease Tariff Disputes and Broader Economic Tensions
NEW YORK: The United States and China have agreed to extend arrangements aimed at easing bilateral trade tensions through January 10 next year, US Treasury Secretary Scott Bessent said.
Speaking in an interview with Fox News, Bessent said US and Chinese officials were exploring the possibility of reaching a broader agreement rather than continuing to address trade disputes through a series of smaller, separate measures.
“We met today to see if we do a bigger deal as opposed to just a series of smaller things. We have agreed today that we will extend what we call the Busan Agreement,” Bessent said.
The arrangement, known as the Busan Agreement, was reached following a meeting between US and Chinese leaders in Busan, South Korea, on October 30 last year.
Under the agreement, Washington and Beijing agreed to partially reduce tariffs, extend the suspension of reciprocal tariffs and ease a number of trade and economic restrictions as part of efforts to stabilize their strained economic relationship.
The latest extension signals that both sides remain engaged in negotiations aimed at preventing a renewed escalation in trade tensions while discussions continue over a potentially broader economic agreement.
The US-China trade relationship remains closely watched by global markets and businesses, given the economic importance of the world’s two largest economies and the potential impact of tariff policies on international supply chains, investment and global growth.
BY: The Times Union
