China announces extended trade truce with US

The Chinese government has released details of its recent trade talks with the United States. It says the trade truce between the two countries would be extended by two months. This confirms what the US side has already announced.

China's Commerce Ministry said on Monday that it agreed with the US to extend the trade truce to January 10. The truce was set to expire November 10.

The ministry said it is seeking a solution on a further extension through high-level economic and trade interactions before the end of the year.

It also said the two sides agreed to reduce tariffs on about 30 billion dollars' worth of imported goods. Tariffs on around 90 percent of the covered products would be lowered to "most-favored-nation" rates.

The Office of the US Trade Representative, or USTR, released on Sunday working procedures for the US-China Board of Trade.

It said the board will be overseen by US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, and from the Chinese side by Vice Premier of the State Council He Lifeng to discuss lowering tariffs, among other things.

The USTR also released a list of products recommended for reduced tariff treatment. Exports from the US to China include agricultural products and medical devices. Imports from China include home appliances and toys.

Greer said in the statement, "The Trump Administration will continue to pursue fair, balanced, and reciprocal trade with China."