The Secretary of the Treasury of the United States, Scott Bessent, has reported that Washington and Beijing have agreed to extend the tariff truce known as the 'Busan agreement', which was set to expire on November 10, until January 10, 2027.
"Today we have agreed to extend what we call the Busan agreement, the economic détente between both countries that was supposed to end on November 10, until January 10, to give us more time to see what we can do on the economic front," Bessent declared in an interview with Fox News.
At the same time, the Treasury official, who has downplayed speculation about his possible appointment by U.S. President Donald Trump as 'czar of artificial intelligence', mentioned the "reciprocal notification mechanism" regarding Artificial Intelligence that he has proposed to the Chinese authorities and made public on Monday.
In this regard, Bessent indicated that in the Chinese Executive "they have a lot of interest in collaborating with us on AI because the United States has a considerable advantage, China is behind."
Nevertheless, he emphasized that it is "very important" for the Trump Administration to face this challenge. He explained that Washington is trying to "define" together with Beijing "what we consider to be the most important or dangerous risk factors, whether they are out-of-control AI agents or non-state actors using AI, whether for cyber operations or for biological purposes."
Unprecedented financial pressure on Iran
The Secretary of the Treasury also referred to Iran, a country against which the United States is "carrying out an unprecedented effort to restrict and cut off their financial oxygen."
"I don't know if it will be a matter of a week, a month, or two months, but they will end up surrendering," he predicted, despite Trump having stated on several occasions that the outcome of the war with the Islamic Republic will occur shortly after the U.S. midterm elections --the 'midterms'-- held on November 3.
Bessent has also outlined three possible ways to end the conflict: "One: that the members of the regime turn against each other; it's not impossible," he pointed out. "Two: that some kind of uprising of the Iranian people occurs," he continued, recalling that Iranian authorities "have probably killed 50,000 people from their own population, so it's very difficult." "And three: to get the Iranians, if they want to reach an agreement, to comply with it," he concluded.
Meanwhile, the Treasury Department will maintain its 'Economic Marginalization' operation, which includes, among other measures, sanctions against Iranian airlines and which, as it has warned, could complicate the return of Tehran's leaders to their country.
"International flights from Iran, probably more than 80 or 90%, have been canceled. I don't know how the Iranian representatives to the UN are going to return home," he stated.