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The deal, which was set to expire in November, will now be extended to Jan. 10, Bessent said, noting the need for Beijing to fulfill more deliverables.
Beyond warm meetings between their leaders, the countries are engaging in tit-for-tat measures that call into question the stability of their arrangement.
Exports have become a key pillar of support for the Chinese economy, helping to sustain growth amid tepid domestic consumption.
Trump made the threat in a social media post as tensions rise between the US and its northern neighbour.
Canada this month negotiated a deal to lower tariffs on Chinese electric vehicles in return for lower import taxes on Canadian farm products.
The imbalance raises questions about the global economy and Trump administration policy.
So far this year through November, overall Chinese exports rose 5.4% compared to the same period in 2024. Imports, meanwhile, fell 0.6%.
China's exports to the U.S. have dropped sharply this year, in the face of President Trump's tariffs - but the country is still finding plenty of customers els…
Chinese exports to the United States continued to crater last month, but the drop was made up by booming sales in Southeast Asia and Europe.
President Trump's tariffs weren't enough to hold back the global export flood by China, which pushed past last year's record in just 11 months.
Asia-Pacific markets traded mixed on Monday as investors look toward trade data coming out of China later in the day.
The highly anticipated meeting is expected to cover a wide range of topics, including the export of chemicals used to produce fentanyl.
Investors sent major global indexes higher on optimism that President Trump and China's top leader, Xi Jinping, could reach a wider agreement this week.
The market is rebounding, but analysts see plenty of reason for concern about heightened tensions between Washington and Beijing.
If a handshake agreement holds, it would merely undo some of the damage from the trade war that President Trump started.
The Dow Jones Industrial Average ticked up 59 points, or 0.1%, by approximately 10:15 a.m. ET.
U.S. negotiators say the London summit represented progress. But investors and business leaders remain wary.
Join CNBC for live updates on European markets.
The Trump-Xi call came as trade relations between China and the U.S. have come under strain in the weeks after the sides tentatively agreed to lower tariffs.
Component of cellphones and EVs is a thorn in negotiations.
The US treasury secretary says Trump and Xi Jinping may need to get directly involved in talks.
But big questions remain about what happens next.
There are a few sectors in which Americans could still feel the pain of higher levies longer term.
(RTTNews) - After ending last Friday's choppy trading session narrowly mixed, stocks have shown a substantial move to the upside during trading on Monday. With…
Global markets are rallying on optimism over Washington and Beijing reaching a major, if temporary, détente in their tariff fight.
One glance at BofA's currency and rates sentiment survey would have indicated a sharp reversal was imminent in the event of any positive macro developments.
But the likelihood of the two sides reaching a comprehensive deal soon remains low.
Investors have already been told to expect billions of dollars in lost corporate profits due to new tariffs.
Beijing and Washington are putting third parties in a painful position.
The White House may have miscalculated Beijing's ability to endure pain - and a popular mood to stand up to Trump.
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