On 23 September 2026, US Treasury Secretary Scott Bessent told Fox News that Washington and Beijing will extend the Busan Agreement (the economic detente struck in Busan, South Korea, in October 2025) from its scheduled end date of 10 November 2026 until 10 January 2027. NBC News reported the comments the same day, noting they followed an unscheduled meeting with Chinese Vice Premier He Lifeng and came minutes after President Xi Jinping arrived in Washington for a multi-day state visit and White House talks with President Donald Trump.
Bessent said the extension buys time to judge whether China can be more complete in enacting the agreement. He pointed to imperfect Chinese deliverables and left open both a larger economic package by January and a further rollover of the current deal. Separate coverage of the same week's Bessent-He and Bessent-Greer-He talks listed rare-earth magnet and critical-mineral flows, possible tariff cuts on non-strategic goods under a Board of Trade process, agriculture and Boeing purchases, and AI incident hotlines as agenda items still in play around the summit.
For China-origin importers, the practical change is the calendar: the November 10 cliff that sat behind many Q4 landed-cost and inventory plans moves to January 10. The extension does not by itself rewrite Section 301 list rates, the pending excess-capacity file, or the 178 product exclusions that were already timed to November. Those layers still need separate confirmation in USTR and CBP notices.