In brief
Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng to call on China to honor the Busan trade deal. Chinese officials said they would buy more U.S. farm goods if reciprocal commitments were met. The U.S. stresses that concrete actions, especially tariff cuts, are vital for the agreement’s progress.
On Friday, U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng in Washington to urge Beijing to fully implement the Busan trade deal. The meeting followed the Trump‑Xi accord that aimed to ease U.S. tariffs and lift technology restrictions after a tit‑for‑tat cycle of trade measures.
Bessent said the U.S. would closely assess China’s progress, adding that “continued progress depends on concrete results” and that any recent Chinese actions raised concerns. The Treasury stated that the U.S. would watch how China implements the arrangement and that the deal is tied to the benefit of American workers and farmers.
In contrast, a spokesperson for China’s Ministry of Commerce, Huang Ling, confirmed that China remains open to buying more U.S. agricultural products. However, the spokesperson stressed that the country will increase purchases only if the two sides honor the agreed "30 billion for 30 billion" reciprocal tariff‑cut arrangement.
The Busan agreement, reached in a September meeting between President Donald Trump and President Xi Jinping, involved proposals for $60 billion in tariff cuts, including $17 billion of U.S. farm goods. The White House noted that Beijing agreed to purchase $17 billion of U.S. agricultural goods annually starting in 2026, with the target adjusted on a prorated basis for the current year. The deal also includes a commitment to buy U.S. soybeans.
Both sides see the trade deal as a way to de‑escalate tensions and support economic security. The U.S. has called on China to act swiftly, noting that any delay risks undermining the benefits intended for American businesses and farmers.
