Confirmation from Beijing is still pending; tension remains ahead of the summit in Washington.
Shortly before the summit between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, there are initial signs of rapprochement between the two superpowers on economic issues. U.S. Treasury Secretary Scott Bessent told Fox News that the agreement reached last October in the trade dispute had been extended by two months until January 10, 2027. Among other things, the agreement had reduced or suspended reciprocal tariff increases. The latest announcement followed several rounds of talks between Bessent and Chinese Vice Premier He Lifeng.
As part of the agreement, China had also suspended additional export controls on rare earths. This suspension is currently set to expire on November 10, 2026. Whether it will also be extended until January has not yet been confirmed by the Chinese side. Further clarity could emerge from today’s scheduled meeting between Trump and Xi.
Beijing Could Extend Control Over Global Supply Chains
The currently suspended rules would significantly expand the reach of Beijing’s export controls. Certain products manufactured outside China could also be affected if they contain rare earths of Chinese origin or are produced using Chinese technologies.
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