Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng reached a deal on Wednesday to avoid the immediate return of import duties. The agreement pushes the expiration of the current trade pause—known as the Busan arrangement—to January 10, providing Washington with two months to evaluate whether Beijing is meeting its requirements. Bessent noted the U.S. will reimpose tariffs if Chinese purchases of aircraft, farm products, and critical minerals remain insufficient.

Both nations remain open to negotiating a more comprehensive trade deal, though Bessent expressed uncertainty regarding whether such an agreement is achievable. He stated that Beijing's execution of previous commitments has not been perfect. The brief extension allows both sides to maintain stability and avoid a diplomatic rupture following a high-level state visit while they assess each other's positions.