The United States and China extended their trade truce by two months on Wednesday, pushing the deadline from November 10 to January 10 and preserving a framework that calls for China to buy 25 million metric tons of U.S. soybeans annually from 2026 through 2028.

Treasury Secretary Scott Bessent disclosed the extension in a Fox News interview, calling the deal "the Busan Agreement" after the South Korean city where Trump and Xi first struck the arrangement in late October. The original pact ended months of retaliatory tariffs that included a Chinese pause on all purchases of U.S. soybeans, the top U.S. oilseed export.

"We will extend what we call the Busan Agreement, the economic détente between the two countries that was scheduled to end on November 10th," Bessent said. "That is going to be extended until January 10th to give us more time to see what we can do on the economic front."

What's at stake for soybean margins?

The October framework ended months of retaliatory tariffs that had frozen Chinese soybean buying. A two-month reprieve keeps that export channel open while negotiators work toward a broader settlement.

American Soybean Association President Scott Metzger, who farms in Ohio, welcomed the extension but pressed for firmer commitments. "Soybean farmers want to see this momentum continue with strong purchases of U.S. soy and a lasting trade partnership with China," Metzger said in a statement.

In a separate letter to Trump last week, ASA asked for assurances that Beijing will honor its volume targets and for a long-term agreement providing "predictability" for planting decisions.

How is China tracking on its pledges?

Bessent said China has met its soybean targets this year but trails on a parallel commitment covering roughly $17 billion in U.S. agricultural products.

"We are encouraging them to pick those up," Bessent said.

He also flagged the possibility of two more Trump-Xi meetings before year's end and said announcements of new agricultural purchases could follow, though he did not specify whether any would come from Thursday's session.

What did the two leaders say?

Trump, speaking alongside Xi, highlighted a bilateral board of trade created during his visit to Beijing last May. "It's a brand-new mechanism and was something that's been unbelievably successful," Trump said. "Our teams have been working to encourage a more balanced trading relationship, including the new market access for American farmers and ranchers."

Where does Congress stand?

Sen. Chuck Grassley, an Iowa Republican, struck a sharper tone. If Thursday's session produced nothing beyond the extension, Grassley told reporters: "We shouldn't be ... just having show jobs of some communist autocrat."

Grassley urged the administration to use the new bilateral trade board to press Beijing on several fronts. The board "could address important issues, like fertilizer access, approval to move seed technologies, and continue purchases of ag products," Grassley said. "This meeting is a very, very big opportunity for President Trump to address these issues."

What comes next?

Bessent declined to predict whether negotiators can deliver a comprehensive deal by the new January 10 cutoff or simply renew the current arrangement, leaving growers to weigh Chinese purchase volumes against basis bids, soybean crush margins, and 2026 corn-versus-bean acreage choices across the Midwest under a fresh cloud of export uncertainty.