China announces new trade deal with US

The United States and China have reached a new economic and trade agreement, Chinese President Xi Jinping said in a meeting with US President Donald Trump on Thursday (September 24). Xi described the agreement as "good news" for businesspeople and ordinary people in both countries, as well as for the global economy.

Xi Jinping made the remarks during a meeting at the White House, according to a report by China's state news agency Xinhua. 

The report also mentions that the world's two largest economies are trying to reduce various differences while increasing cooperation between themselves. 

Xinhua reported that Xi Jinping told Trump that the economic and trade representatives of the two countries had reached a new joint agreement.

Xi said the agreement is good news for businesspeople and ordinary people in both countries, as well as for the global economy. To maintain stable economic relations between the United States and China, it is necessary to expand cooperation while reducing areas of conflict.

The Chinese president also said that both sides should make mutual concessions and strive to ensure the interests of both sides. This will help to move China-US economic and trade relations forward on a stable and positive path in the long term.

Xi Jinping did not provide details of the new agreement, but US Treasury Secretary Scott Besant told Fox News that Washington and Beijing have agreed to extend the existing trade truce by two months, bringing it to January 10.

Besant said the US and China have extended the so-called 'Busan Pact', an agreement to ease economic tensions between the two countries that was due to expire on November 10.

The decision to extend the term came after a surprise meeting between Besant and Chinese Vice Premier He Lifeng in Washington on Wednesday.

"What we call the Busan Accord, this agreement to reduce economic tensions between the two countries, was supposed to expire on November 10. Now it will be extended until January 10," Besant told Fox News.

However, Besant warned that China has not yet fully implemented all of its commitments under the existing agreement. He also said that some of China's commitments have not been implemented as expected.

He said the United States has already made its expectations known to China. It will be monitored whether China can more effectively implement the terms of the agreement during the extended period.

Besant also indicated that the Chinese delegation may announce some new commitments in the next few days.

This could include increasing Chinese agricultural imports from the United States and some new agreements in the financial sector, which could further strengthen the process of easing temporary economic tensions between Washington and Beijing.

The extension of the trade truce is expected to keep the economies of the two countries from immediately engaging in a major trade conflict until the new year, while talks between the two countries will continue into next year.

Source: Sama TV