China, US agree to extend trade truce for one year

China and the U.S. have agreed to extend their temporary trade truce for another year as part of an agreement they reached after top economic officials met in Malaysia last week, China's commerce ministry said in a statement on Thursday. China will suspend related export control measures against the U.S. it announced on October 9 for one year, as well as its relevant measures against the U.S. regarding shipping once the United States' suspension begins, the ministry said.

Consensus was also reached between China and the U.S. on issues including fentanyl and the expansion of agricultural product trade, it said. Both sides will also properly resolve issues related to TikTok, the ministry said.