The United States has pressed China to immediately carry out its commitments under the Busan trade agreement. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng to make the case, according to a Treasury statement issued on Friday.
The Treasury said Bessent stressed that China must fully and promptly implement its Busan pledges, and he raised concerns about recent Chinese actions. He stressed that “continued progress depends on concrete results,” and said Washington would closely assess how the arrangement is carried out.
Trade deal aimed at easing tariffs and tech curbs
The Busan arrangement was negotiated between Washington and Beijing, with US President Donald Trump and Chinese President Xi Jinping agreeing to ease tariffs and lift restrictions on technology. The goal was to defuse tensions after both countries had imposed tit-for-tat tariffs.
The latest talks follow a September meeting between Trump and Xi. At that time, the White House proposed tariff cuts worth $60bn, including $17bn in US farm goods.
China links farm purchases to reciprocal tariff cuts
On Thursday, China said it was willing to buy more American farm products, but only if both sides implemented the reciprocal tariff reduction. Chinese Ministry of Commerce spokesperson Huang Ling said in a statement that Beijing had consistently been open to expanding agricultural purchases, but only on that condition.
In May, the White House said Beijing had agreed to buy $17bn of US agricultural goods a year from 2026, with this year’s target adjusted on a prorated basis. Those purchases are in addition to an earlier commitment, made last October, to buy US soybeans.
The Treasury added that Bessent reiterated the administration’s commitment to trade and economic policies that benefit American workers, farmers and businesses.
