President Donald Trump and President Xi Jinping will meet at the White House on September 24 to discuss the extension of the Busan trade truce. The current agreement, which prevents the escalation of tariffs and export controls, is set to expire on November 10, 2026.
The existing deal requires China to purchase at least 25 million metric tons of US soybeans annually through 2028 and $17 billion in other agricultural goods each year. Preparatory talks were held in New York on September 20 by Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng.
The summit agenda includes extending tariff relief, securing supply chains for rare-earth materials, and negotiating reciprocal tariff reductions on $30 billion worth of non-sensitive goods. US officials stated they will not trade export-control relief for mineral supply commitments.
The meeting marks the second face-to-face summit between the leaders this year, following their May 2026 meeting in Beijing. Xi Jinping will be accompanied by a business delegation to focus on economic engagement, while markets monitor the impact on agricultural and commodity sectors.
