US Unveils China Truce Extension, Trump Media Ban Lifted, More
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What is the latest update on the US‑China trade truce extension?
AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash TechLondon. News when you want it with Bloomberg News Now. I'm Caroline Hepke. The US and China have extended their trade truce for another two months as Xi Jinping begins his first US state visit in 11 years. President Trump personally greeted Xi at Joint Base Andrews, setting the stage for White House talks today.
US Treasury Secretary Scott Besant says that the extension buys more time to work towards a broader economic agreement.
We have agreed today that we will extend what we call the Busan Agreement, the economic detente between the two countries that was scheduled to end on November 10th. That is going to be extended until January 10th to give us more time to see what we can do on the economic front.
Scott Besson speaking there. Well, the truce leaves major disputes unresolved, though, including around rare earths, trade and the two countries race for dominance in artificial intelligence. Now, exclusive Bloomberg reporting is adding another point of tension, though, as this summit gets underway. Our team has learned that the Chinese government is holding potentially sensitive F-35 stealth aircraft parts.
Why are the diverted F‑35 stealth parts creating a new diplomatic flashpoint?
Now, according to people briefed on the incident, the components were being shipped from Australia to the US when they were unexpectedly diverted to Hong Kong. Bloomberg's national security reporter, Tony Capaccio, uncovered the story.
In the interest of good relations, China should have returned it. I know the U.S. was pressing for them to get it. Back in late May when this happened, the JPO, they call it the Joint Program Office, hoped they would get the parts back. And we fast forward to today, the Pentagon's still trying to get them back.
Tony Capaccio there. As Bloomberg has separately uncovered new evidence that Chinese source components are helping the Houthis build missiles and drones in Yemen. There's no evidence that the Chinese companies involved knew that their products were ultimately destined for the Iran-backed group. However, the findings put sensitive military technology into sharper focus as Trump and Xi begin their discussions. Canada's Prime Minister says that he has prepared for what he calls the, quote, extreme tail risk of US military action against his country. Mark Carney told the New York Times a US invasion is not his base case, but he says that it would be irresponsible not to consider the risk after President Trump's repeated claims that Canada should become an American state.
The comments come as Carney tries to reduce Canada's dependence on the US while building closer ties with Europe. Canada's foreign minister, Anita Anand, told Bloomberg that the country now sees a bigger role for itself and other middle powers.
How is Canada preparing for the “extreme tail risk” of a possible US invasion?
Ensuring that the vacuum that is left in the WTO system or in geopolitical conflict environments is addressed by middle powers who want to work together for the interests of their domestic populations as well as or the global environment writ large.
Anita Anand speaking to Bloomberg at the UN in New York. She says that Canada has signed more than 20 economic, security and defence agreements across five continents over the past year. The Trump administration has been ordered to temporarily restore White House access for journalists from CNN, MSNOW and Politico. The outlook? The outlets say that they were banned in retaliation for their coverage and they are suing over what they call a, quote, direct assault on their First Amendment rights. The temporary order was issued by a Trump appointed judge and will remain in place for two weeks. U.S. Treasuries tumbled on news of rising oil prices and strong economic data from the U.S.
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Chapters
7 chapters
1
What is the latest update on the US‑China trade truce extension?
0:00–1:43
2
Why are the diverted F‑35 stealth parts creating a new diplomatic flashpoint?
1:43–3:15
3
How is Canada preparing for the “extreme tail risk” of a possible US invasion?
3:15–4:42
4
What does the temporary court order lifting the Trump‑era media bans mean for journalists?
4:42–5:53
5
Why are U.S. Treasury yields spiking and how are energy prices influencing the bond market?
5:53–7:10
6
How are soaring fuel prices reshaping Europe’s electric‑vehicle market?
7:10–8:06
7
What are the key market moves today – from bond yields to Brent crude prices?
8:06–9:01
Speakers
5 identifiedMore from Bloomberg News Now
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