U.S. Trade Representative Greer Discusses Extending Trade Truce with China; Announcement May Not Come at Summit

[Financial News] The United States and China are continuing discussions to extend the "tariff truce" between the two countries, which is set to expire in November, Jamieson Greer, head of the Office of the United States Trade Representative (USTR), said on the 21st (local time).
In an interview that day, Greer said of the tariff truce, which is set to end on November 10, "We will continue to discuss this issue."
He said, "I don't predict an immediate extension right now, but there is still time," adding, "I expect the discussions to continue because both sides want an extension." Asked whether a "three- to six-month extension" was being discussed, he replied, "That range would be appropriate."
Greer, however, gave a low estimate for the possibility of an extension agreement being announced this week. Attention had therefore focused on whether the United States and China would reach an agreement to extend the tariff truce during the U.S.-China summit scheduled for the 24th between U.S. President Donald Trump and Chinese President Xi Jinping. However, speculation is growing that no related announcement may be made during the summit.
Greer cited the need to monitor whether China fulfills its commitments as the reason for pursuing step-by-step extensions lasting several months rather than a long-term extension. Referring in particular to China's restrictions on rare-earth exports, he criticized China for creating uncertainty and remarked, "It is somewhat naive to say that we fully trust each other at this point."
In an interview with Fox News, Greer also said of the prospects for the U.S.-China summit, "There will be no major deal between the two countries," explaining that "the economic and political systems of the United States and China are so different." He emphasized, "What we truly want is sustainable stability."
Greer added that the two countries are expected to launch artificial intelligence (AI) talks in earnest on the occasion of the summit. He also said that details such as the operating procedures and covered items for the "trade committee," which was discussed at the U.S.-China summit in Beijing last May, would be announced.

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