US proposes three-to-six-month extension of China trade truce as November deadline looms

The US has proposed extending its trade truce with China by three to six months, but preparatory talks held on September 20 failed to produce an immediate agreement. The current truce, born out of the 2025 Busan deal, expires on November 10, leaving negotiators roughly seven weeks to either strike a new arrangement or brace for a return to escalating tariffs. US Trade Representative Jamieson Greer acknowledged persistent divisions between Washington and Beijing after the discussions, which also involved Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. Where things stand The disagreements span the usual roster of US-China friction points, but three areas are drawing the most attention heading into a scheduled Trump-Xi summit on September 24. First, rare-earth minerals. China’s compliance with previous commitments on rare-earth exports has been assessed at roughly two-thirds of what was agreed upon. Greer characterized current supply levels as satisfactory but not optimal. Second, agricultural purchases. Beijing has met its annual soybean purchase targets of 25 million metric tons per year through 2028, one of the clearer wins to emerge from the broader trade fram...