The United States and China have agreed to extend a bilateral trade truce that was set to expire in November through Jan. 10, Treasury Secretary Scott Bessent said Wednesday.

The announcement came after Bessent and China’s vice premier, He Lifeng, held an unscheduled meeting in Washington.

“We will extend what we call the ‘Busan Agreement’ — the economic détente between the two countries that was scheduled to end on Nov. 10 — that is going to be extended until Jan. 10,” Bessent said in an interview on Fox News Channel.

Bessent said it’s possible a larger economic package will be agreed upon by January. But it’s also possible to “just roll the current deal” and extend it further.

“There are some deliverables that have not been perfect on the Chinese side, so we also want to see, now that we’ve sat down and told them our expectations, if over the coming months they can be more fulsome in enacting the agreement,” he said.

The announcement, a big win for economic stability in both countries, came only minutes after Chinese President Xi Jinping touched down to begin a multiday state visit to Washington.

Bessent also indicated that there could be further announcements in coming days from the Chinese delegation, including agreements to buy more American agricultural products and potential deals in the financial services sector.

Since Sunday, Bessent and U.S. Trade Representative Jamieson Greer have been holding talks with their Chinese counterparts to lay the groundwork for the closely watched state visit.

On Sunday, Bessent and Greer announced that the U.S. and China had proposed exchanging alerts about AI-related hacking incidents, especially those that concern national security.

The U.S. and China could also agree on lists of goods on which lower tariffs would be applied as part of President Donald Trump’s “Board of Trade” initiative with China, Greer told reporters.

“We expect that the types of goods you’ll see in those lists are consumer goods, low-tech items coming in from the Chinese side,” he said. “On the U.S. side, energy products, agricultural goods, potentially medical devices and other things like that.”

Xi’s trip is his first state visit to the U.S. in more than a decade.

News of the trade truce extension is likely to be widely welcomed in Washington and Beijing, given that the U.S. and China are vital sources of goods for each other and for their millions of consumers and businesses.