US asks China to uphold Busan trade deal commitments
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer have called on China to "fully and immediately" implement its commitments under the 2025 Busan trade agreement, particularly regarding agricultural purchases and rare earth minerals.
The videoconference between US and Chinese officials focused on the trade and economic relationship between the two nations. The US officials emphasized the critical importance of China taking concrete actions to fully implement its past commitments, particularly as they relate to agricultural purchases, rare earths, and other critical minerals.
Busan trade agreement details
The US officials were referring to an accord reached between the world's two largest economies in 2025 during a meeting between Trump and Chinese President Xi Jinping in South Korea's Busan, on the sidelines of an Asia-Pacific Economic Cooperation (APEC) summit.
The deal capped US tariffs on Chinese goods at about 20% and required China to buy 25 million metric tons of US soybeans for three years. Beijing also agreed to keep China's rare earth exports flowing, suspending new export curbs.
The Trump Administration will continue pursuing policies that benefit American workers, farmers, and businesses and strengthen our economic and national security.
China's concerns and next steps
During the interaction, Chinese Vice Premier He Lifeng expressed "serious concern" over recent US trade restrictions targeting his country, though the report did not specify which measures he was referring to.
Both parties agreed to "continuously strengthen cooperation" and "properly manage differences" to promote a "stable" US-China trade relationship. The Busan trade deal, initially covering one year, has been extended until January 10 next year.
The two leaders are expected to meet again at the upcoming APEC forum in Shenzhen, China, from November 18 to 19. Meanwhile, China has confirmed it is discussing a historic trilateral summit of Xi, Trump and Russian President Vladimir Putin on the sidelines of the APEC gathering.
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