US urges China to honour Busan trade deal commitments
Trump-Xi Busan deal aimed to ease tariffs and tech restrictions; progress hinges on China's fulfilment of commitments.
Key points
- US officials urged China to immediately implement its commitments under the Busan trade agreement.
- China said it would buy more US farm goods only if both sides carry out the tariff-reduction arrangement.
- The Treasury said continued progress depends on concrete results and that the US will assess China's implementation.
US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng to press Beijing to immediately carry out its commitments under the Busan trade agreement, the US Department of the Treasury said in a statement on Friday.
The deal was negotiated by US President Donald Trump and Chinese President Xi Jinping and eases tariffs and lifts restrictions on tech, following tit-for-tat tariffs imposed first by Washington and then by Beijing.
US concerns and conditions
The Treasury said Bessent stressed the importance of China fully and immediately implementing its Busan commitments and raised concerns about recent Chinese actions. He said continued progress depends on concrete results and that the United States will closely assess how China implements the arrangement.
Bessent also restated the Trump administration's commitment to trade and economic policies that benefit American workers, farmers and businesses and strengthen US economic and national security, according to the Treasury.
China has consistently been open to expanding purchases of agricultural products from the US
— Huang Ling
China links farm purchases to tariff cuts
On Thursday, China said it was open to buying more US farm goods if the two largest economies agreed to implement the reciprocal tariff cut. Commerce Ministry spokesperson Huang Ling said China has consistently been open to expanding purchases of US agricultural products, but only if both sides carry out the agreed "30 billion for 30 billion" reciprocal tariff-reduction arrangement.
The article notes a September meeting between Trump and Xi at which the White House proposed $60bn in cuts, including $17bn worth of US farm goods. In May, the White House said Beijing agreed to buy $17bn of US agricultural goods annually from 2026, with this year's target adjusted on a prorated basis, in addition to an October commitment to buy US soya beans.
