US Treasury Secretary Scott Bessent said on Wednesday that Washington and Beijing have agreed to extend their trade truce by two months, pushing the expiration date from November 10 to January 10. The agreement followed marathon negotiations between Bessent and Chinese Vice Premier He Lifeng, with talks taking place in New York on Sunday and Washington on Wednesday. The announcement came as Chinese President Xi Jinping arrived in the United States ahead of a high-stakes meeting with President Donald Trump scheduled for Thursday.&nbsp;"We have agreed today that we will extend what we call the Busan Agreement, the economic detente between the two countries that was scheduled to end on November 10th," Bessent told Fox News in an interview. "That is going to be extended until January 10th to give us more time to see what we can do on the economic front," he added. The trade truce, which took effect last year following an agreement between Trump and Xi, included measures aimed at reducing escalating tariffs imposed by both countries. Under the arrangement, Washington and Beijing agreed to lower tit-for-tat tariffs, while the United States also extended certain tariff exclusions.&nbsp;Also Read: <a href="https://www.wionews.com/photos/trump-welcomes-xi-jinping-in-rare-airport-gesture-photos-from-chinese-president-s-arrival-in-us-1790202905194">Trump welcomes Xi Jinping in rare airport gesture: Photos from Chinese President's arrival in US</a>&nbsp;The US had additionally agreed to suspend responsive measures stemming from an investigation into China's shipbuilding industry. Bessent said that there could also be scope for both countries to reduce tariffs on roughly $30 billion worth of non-sensitive goods. The possibility remains under discussion. Following several hours of negotiations on Sunday involving Bessent, US Trade Representative Jamieson Greer and their Chinese counterparts, Greer said the two sides were continuing to work through the issue.&nbsp;The negotiations have also extended beyond trade. Washington and Beijing discussed establishing a notification system that would allow both governments to flag incidents or potential threats involving artificial intelligence. The latest agreement comes as the Trump-Xi summit is expected to address broader economic and technology-related issues in US-China relations.

US and China agree to extend their trade truce until January 10 as Xi Jinping arrives for a Trump summit focused on tariffs, trade and AI concerns

US Treasury Secretary Scott Bessent said on Wednesday that Washington and Beijing have agreed to extend their trade truce by two months, pushing the expiration date from November 10 to January 10. The agreement followed marathon negotiations between Bessent and Chinese Vice Premier He Lifeng, with talks taking place in New York on Sunday and Washington on Wednesday. The announcement came as Chinese President Xi Jinping arrived in the United States ahead of a high-stakes meeting with President Donald Trump scheduled for Thursday. "We have agreed today that we will extend what we call the Busan Agreement, the economic detente between the two countries that was scheduled to end on November 10th," Bessent told Fox News in an interview. "That is going to be extended until January 10th to give us more time to see what we can do on the economic front," he added. The trade truce, which took effect last year following an agreement between Trump and Xi, included measures aimed at reducing escalating tariffs imposed by both countries. Under the arrangement, Washington and Beijing agreed to lower tit-for-tat tariffs, while the United States also extended certain tariff exclusions. Also Read: Trump welcomes Xi Jinping in rare airport gesture: Photos from Chinese President's arrival in US The US had additionally agreed to suspend responsive measures stemming from an investigation into China's shipbuilding industry. Bessent said that there could also be scope for both countries to reduce tariffs on roughly $30 billion worth of non-sensitive goods. The possibility remains under discussion. Following several hours of negotiations on Sunday involving Bessent, US Trade Representative Jamieson Greer and their Chinese counterparts, Greer said the two sides were continuing to work through the issue. The negotiations have also extended beyond trade. Washington and Beijing discussed establishing a notification system that would allow both governments to flag incidents or potential threats involving artificial intelligence. The latest agreement comes as the Trump-Xi summit is expected to address broader economic and technology-related issues in US-China relations.

US and China extend their trade truce until January 10 as Xi Jinping arrives in the US for talks with Donald Trump on trade, tariffs and AI risks

US, China extend trade truce by two months as Xi Jinping arrives for high-stakes summit with Trump

US Treasury Secretary Scott Bessent on Thursday (September 3) stated that the European Union has "officially joined" the US-led "Operation Economic Outcast" against Iran, throwing its weight behind Donald Trump's strong campaign. Welcoming the move, Bessent described it as the bloc's strong and early stance in continuing economic pressure on Tehran as the West Asia conflict continues. "The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance," Bessent said in a statement on social media platform X. "The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed," he added.

<blockquote class="twitter-tweet">The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance. The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions,…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://x.com/SecScottBessent/status/2095654604943815139?ref_src=twsrc%5Etfw">September 3, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

Bessent's comments followed the EU's announcement that it was ready to back further economic pressure on Iran, including support for the US-led operation, while emphasising the importance of sustained diplomatic engagement and efforts toward de-escalation. "The European Union has consistently urged Iran to curb its nuclear programme, and its ballistic missile programme, refrain from destabilising activities in the region and in Europe, stop its military support for Russia's war of aggression against Ukraine and cease the violence and repression against its own people," the EU said in a statement shared by Bessent.&nbsp;Also read:<a href="https://www.wionews.com/world/this-is-great-trump-hails-syria-s-push-for-alternative-to-strait-of-hormuz-amid-us-iran-war-1788487903144"> 'This is great': Trump hails Syria's push for alternative to Strait of Hormuz amid US-Iran war</a><h3>Freedom of navigation</h3>The bloc stated that it views continued diplomatic efforts as essential to reach a peace settlement, restoring stability in the region and ensure complete freedom of navigation along with safe passage through the Strait of Hormuz. Additionally, the EU noted that it had already implemented extensive sanctions designed to avoid Iran from exploiting the global economy and financial system to sustain what it characterised as hostile conduct and to safeguard international security. "It remains ready to take further measures, where necessary, to safeguard its security and interests, including freedom of navigation through the Strait of Hormuz," the EU said. The bloc welcomed efforts aimed at ensuring Iran ceases its destabilising activities and engages in peace negotiations "with good faith", adding that this could include additional economic pressure through Operation Economic Outcast.

US Treasury Secretary Scott Bessent's comments followed the EU's announcement that it was ready to back further economic pressure on Iran, including support for the US-led operation, while emphasising the importance of sustained diplomatic engagement and efforts toward de-escalation.

US Treasury Secretary Scott Bessent on Thursday (September 3) stated that the European Union has "officially joined" the US-led "Operation Economic Outcast" against Iran, throwing its weight behind Donald Trump's strong campaign. Welcoming the move, Bessent described it as the bloc's strong and early stance in continuing economic pressure on Tehran as the West Asia conflict continues. "The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance," Bessent said in a statement on social media platform X. "The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed," he added.

US Treasury Secretary Scott Bessent's comments followed the EU's announcement that it was ready to back further economic pressure on Iran, including support for the US-led operation, while emphasising the importance of sustained diplomatic engagement and efforts toward de-escalation.

EU officially joins US-led 'Operation Economic Outcast' against Iran, says Treasury Secretary Scott Bessent

As the conflict between the United States and Iran flares up again with both sides trading strikes, US Treasury Secretary Scott Bessent detailed the Trump administration’s economic pressure campaign, saying the US could target Iran's maritime industry, digital assets and other entities that do business with the country.&nbsp;"It could be airline leasing companies, which we'll be looking at. It could be anyone who does business with the IRGC; we are tracking down the IRGC's assets, and I will say it on worldwide TV, just so you know," Bessent said, as per Fox News.&nbsp;"We know where in the British Virgin Islands your accounts are at these trust companies, we know the $100 million houses you have around the world, and we are going to freeze those," he added.&nbsp;&nbsp;Bessent, who argued that Russia’s presence did not have an impact on the two-day G20 finance minister talks, also warned "everyone", including Russia, against backing the Islamic Republic in the interview with Fox &amp; Friends.&nbsp;"My message to everyone is: stay ​away. We all want this ​conflict to end, and the fastest way for ‌the ⁠conflict to end is for no one to provide any support to this regime," he was quoted as saying by Fox &amp; Friends, a day after Russian President Vladimir Putin threw his support behind Iran.&nbsp;The Treasury Secretary made the remarks days after the Trump administration unveiled an "economic D-Day" against Tehran, referring to the massive Allied military campaign during the Second World War against Nazi Germany.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/japan-credit-rating-agency-upgrades-india-s-sovereign-rating-to-a-from-bbb-what-does-it-mean-for-india-1788345677199">Japan Credit Rating Agency upgrades India’s sovereign rating to A- from BBB+; what does it mean for India?</a><h2>US warns entities supporting Iran</h2>When asked about China, Bessent said Beijing also agrees that Iran should not possess a nuclear weapon and supports freedom of navigation in the Strait of Hormuz.&nbsp;"And everyone says to me, ‘Well, what about China? I said, we have more in common with the Chinese on Iran than we disagree with [them] on. The Chinese agree — Iran cannot have a nuclear weapon. The Chinese agree that there should be freedom of navigation in the Strait of Hormuz. So we have had private discussions with them in terms of achieving those goals," he was quoted as saying by Fox News.&nbsp;The statements came as the war in the Middle East, triggered by US-Israeli strikes against Iran, entered its seventh month, creating economic headwinds across the world as Tehran closed the vital Strait of Hormuz in retaliation.&nbsp;The conflict has also evolved into an economic pressure campaign against Iran, with the US imposing a naval blockade and a series of sanctions on the Islamic Republic and entities linked to the IRGC. Both sides continue to exchange strikes sporadically.

US Treasury Secretary Scott Bessent said the US could target Iran’s maritime sector, airlines and digital assets while warning countries and companies against supporting Tehran.

As the conflict between the United States and Iran flares up again with both sides trading strikes, US Treasury Secretary Scott Bessent detailed the Trump administration’s economic pressure campaign, saying the US could target Iran's maritime industry, digital assets and other entities that do business with the country. "It could be airline leasing companies, which we'll be looking at. It could be anyone who does business with the IRGC; we are tracking down the IRGC's assets, and I will say it on worldwide TV, just so you know," Bessent said, as per Fox News. "We know where in the British Virgin Islands your accounts are at these trust companies, we know the $100 million houses you have around the world, and we are going to freeze those," he added. Bessent, who argued that Russia’s presence did not have an impact on the two-day G20 finance minister talks, also warned "everyone", including Russia, against backing the Islamic Republic in the interview with Fox & Friends. "My message to everyone is: stay away. We all want this conflict to end, and the fastest way for ‌the ⁠conflict to end is for no one to provide any support to this regime," he was quoted as saying by Fox & Friends, a day after Russian President Vladimir Putin threw his support behind Iran. The Treasury Secretary made the remarks days after the Trump administration unveiled an "economic D-Day" against Tehran, referring to the massive Allied military campaign during the Second World War against Nazi Germany. Also Read: Japan Credit Rating Agency upgrades India’s sovereign rating to A- from BBB+; what does it mean for India? US warns entities supporting Iran When asked about China, Bessent said Beijing also agrees that Iran should not possess a nuclear weapon and supports freedom of navigation in the Strait of Hormuz. "And everyone says to me, ‘Well, what about China? I said, we have more in common with the Chinese on Iran than we disagree with [them] on. The Chinese agree — Iran cannot have a nuclear weapon. The Chinese agree that there should be freedom of navigation in the Strait of Hormuz. So we have had private discussions with them in terms of achieving those goals," he was quoted as saying by Fox News. The statements came as the war in the Middle East, triggered by US-Israeli strikes against Iran, entered its seventh month, creating economic headwinds across the world as Tehran closed the vital Strait of Hormuz in retaliation. The conflict has also evolved into an economic pressure campaign against Iran, with the US imposing a naval blockade and a series of sanctions on the Islamic Republic and entities linked to the IRGC. Both sides continue to exchange strikes sporadically.

US Treasury Secretary Scott Bessent said the US could target Iran’s maritime sector, airlines and digital assets while warning countries and companies against supporting Tehran.

US eyes Iran’s maritime sector, digital assets; Bessent warns ‘everyone’ against supporting Tehran

The United States on Thursday (May 21) imposed sanctions on nine individuals linked to Hezbollah, accusing them of ‘obstructing the peace process in Lebanon’, as Israeli airstrikes continued in southern Lebanon despite an active ceasefire. “Hezbollah is a terrorist organization and must be fully disarmed,” said Scott Bessent. “Treasury will continue to take action against officials who have infiltrated the Lebanese government and are enabling Hezbollah to wage its senseless campaign of violence against the Lebanese people and obstruct lasting peace.”&nbsp;Backed by Iran, Hezbollah maintains significant political and military influence in Lebanon, including elected members in parliament and a strong support base across the country. The group has strongly opposed recent direct peace negotiations between Lebanese and Israeli officials. Both Washington and Israel have repeatedly demanded Hezbollah’s complete disarmament. Those sanctioned include Hezbollah lawmakers Hassan Fadlallah, Ibrahim al-Moussawi, and Hussein al-Hajj Hassan, along with executive council chief Mohamed Abdel-Mottaleb Fanich.&nbsp;Also Read: <a href="https://www.wionews.com/world/-it-would-be-a-disgrace-if-scotus-allows-that-to-happen-trump-pressures-supreme-court-over-birthright-citizenship-debate-1779390839807">'It would be a disgrace if SCOTUS allows that to happen': Trump pressures Supreme Court over birthright citizenship debate</a>

<blockquote class="twitter-tweet">A stable, secure, and independent Lebanon requires the full disarmament of Hizballah and the restoration of the Lebanese government&#39;s authority over their country&#39;s security. <a href="https://t.co/kUfE4GWkac">https://t.co/kUfE4GWkac</a>&mdash; Tommy Pigott (@statedeptspox) <a href="https://twitter.com/statedeptspox/status/2057527600700883443?ref_src=twsrc%5Etfw">May 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The United States also sanctioned Mohammad Reza Sheibani, who was declared persona non grata and expelled from Lebanon in March. Additional sanctions targeted Ahmad Asaad Baalbaki and Ali Ahmad Safawi from Hezbollah ally Amal, as well as Lebanese military officers Brigadier-General Khattar Nasser Eldin and Colonel Samir Hamadi. In a separate statement, the US State Department announced a reward of up to $10 million ‘for information leading to the disruption of the financial mechanisms of Hezbollah’.&nbsp;Meanwhile, Lebanon reported that an Israeli strike damaged a hospital in the country’s south, where clashes between Israeli forces and Hezbollah fighters have continued despite a ceasefire announced on April 17. Since the beginning of the US-Israel conflict involving Iran, Israeli troops have entered and occupied parts of southern Lebanon, operating in areas extending nearly 10 kilometres north of the border.&nbsp;<a href="https://www.wionews.com/videos/mojtaba-khamenei-rejects-key-us-demand-1779383756931/embed">https://www.wionews.com/videos/mojtaba-khamenei-rejects-key-us-demand-1779383756931/embed</a>&nbsp;According to Lebanese authorities, Israeli attacks have killed more than 2,900 people in Lebanon since the conflict escalated, including over 400 deaths after the ceasefire took effect. Last week, the truce was extended for another 45 days following a third round of direct negotiations between Lebanese and Israeli representatives in Washington.

The US sanctions Hezbollah-linked officials accused of obstructing peace in Lebanon, as Israeli strikes continue despite a ceasefire

The United States on Thursday (May 21) imposed sanctions on nine individuals linked to Hezbollah, accusing them of ‘obstructing the peace process in Lebanon’, as Israeli airstrikes continued in southern Lebanon despite an active ceasefire. “Hezbollah is a terrorist organization and must be fully disarmed,” said Scott Bessent. “Treasury will continue to take action against officials who have infiltrated the Lebanese government and are enabling Hezbollah to wage its senseless campaign of violence against the Lebanese people and obstruct lasting peace.” Backed by Iran, Hezbollah maintains significant political and military influence in Lebanon, including elected members in parliament and a strong support base across the country. The group has strongly opposed recent direct peace negotiations between Lebanese and Israeli officials. Both Washington and Israel have repeatedly demanded Hezbollah’s complete disarmament. Those sanctioned include Hezbollah lawmakers Hassan Fadlallah, Ibrahim al-Moussawi, and Hussein al-Hajj Hassan, along with executive council chief Mohamed Abdel-Mottaleb Fanich. Also Read: 'It would be a disgrace if SCOTUS allows that to happen': Trump pressures Supreme Court over birthright citizenship debate

US sanctions Hezbollah-linked figures over Lebanon peace efforts as Israeli strikes continue despite an extended ceasefire

'Hezbollah is a terrorist organisation': US sanctions Hezbollah-linked individuals as Israel strikes continue in Lebanon

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US, China extend trade truce by two months as Xi Jinping arrives for high-stakes summit with Trump

EU officially joins US-led 'Operation Economic Outcast' against Iran: Bessent

US eyes Iran’s maritime, airline sectors, digital assets; Bessent warns backers

US sanctions Hezbollah-linked individuals as Israel strikes continue in Lebanon