President Donald Trump and Chinese President Xi Jinping formally opened their Washington summit after the United States and China agreed to extend their trade truce through Jan. 10, 2027. Treasury Secretary Scott Bessent said the two-month extension would preserve current tariff rates and rules while negotiations continue, but it fell short of market expectations for a longer cooling-off period. China did not immediately confirm the extension, and the Chinese delegation did not include corporate leaders. Xi adopted a conciliatory public tone, calling for healthy competition, announcing plans for 100,000 U.S. youth exchanges and emphasizing human oversight of artificial intelligence. The truce, initially reached in South Korea last October, lowered some U.S. tariffs, paused Chinese rare-earth export restrictions, suspended some shipping fees, eased certain U.S. export controls and included commitments for increased Chinese purchases of U.S. soybeans. Bessent said China was meeting its soybean commitments but lagging on some other agricultural purchases. Technology restrictions, artificial intelligence, Taiwan, Iran and the scope of any broader trade arrangement remain unresolved.