Bessent says the U.S. is open to extending the China trade truce that ends Nov. 10, or a bigger deal

Treasury Secretary Scott Bessent said on Wednesday that the United States is open either to extending its trade truce with China, which expires on Nov. 10, or to working toward a larger trade deal. "We're fine with both, and we're going to do what's best for the American people," Bessent said after meeting Chinese Vice Premier He Lifeng and U.S. Trade Representative Jamieson Greer at the World Bank in Washington, Reuters reported via Investing.com. The two sides also agreed to set up a hotline to notify each other of AI safety incidents, though it was not clear how China had formally responded.

President Trump hosts Chinese President Xi Jinping at the White House on Thursday. It is Xi's first visit to Washington in 11 years, Yahoo Finance noted, and the agenda includes trade, Iran, rare earths and AI. Bessent's remarks leave both options open, so neither side has committed to anything yet. The practical question for importers and exporters is which one they end up with before the Nov. 10 deadline.

The scorecard: three promises, three speeds

The truce rests on three headline Chinese commitments. CNBC's review of the data, drawing on Reuters, the Financial Times and Chinese customs figures, shows each is moving at a different pace:

Market moves are Nasdaq quotes at 12:57 p.m. ET.

What the numbers say

Soybeans. Almost half of 25 million tons means more than 12 million tons still to buy. China's best recent week was about 1 million tons, so even at that pace the rest would take about three months of steady buying (our arithmetic). Analysts told CNBC that Chinese purchases tend to cluster around leader meetings and then fall away. The U.S. share of China's soybean imports has fallen from 40% before the 2018 tariffs to 23% in the first five months of 2026. So the truce is keeping some sales going but has not brought back the old market share. Grain ETFs slipped on Wednesday, and Bloomberg reported soybeans and corn slumping as Xi's arrival approached. That is not a market pricing in a big purchase surprise.

Boeing. Boeing CEO Kelly Ortberg has played down the idea of a single 200-plane announcement and said Chinese airlines will order at their own pace. According to CNBC, Beijing's own account ties the purchases to U.S. guarantees on engines and parts. That condition matters more for the order book than any headline total.

Rare earths. This is where the direction is worst. Shipments fell in August, some Chinese suppliers are refusing U.S. orders, and some American buyers have waited more than six months for export licenses, according to Reuters as cited by CNBC. The 12-month suspension of China's export controls began last November, so it runs out this November, around the same time as the truce.

Who it hits

Farm operations selling into the export market are depending on purchases that, so far, have been timed around politics. Manufacturers that use rare earth magnets, in clean energy, advanced technology and defense supply chains, face the risk that the controls return when the suspension ends. Importers of Chinese goods have a planning date of Nov. 10. Until Thursday's summit shows which option the two sides pick, that date is the one to work around. For the other big market story of the day, see the 10-year yield's jump to 5.06%.

Sources: Investing.com / Reuters; CNBC; Yahoo Finance; Bloomberg headline on grains; Nasdaq quotes. This is market information, not investment advice.