United States Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng to urge Beijing to immediately implement its commitments under the Busan trade agreement, while China signalled it remains open to buying more US farm goods if the two sides implement the reciprocal tariff-reduction arrangement.
The US Department of the Treasury said Bessent "emphasised the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions." It added that "continued progress depends on concrete results" and that Washington "will closely assess China's implementation of the arrangement."
The Busan deal is the trade arrangement negotiated between Washington and Beijing in which President Donald Trump and President Xi Jinping agreed to ease tariffs and lift restrictions on technology to de-escalate tensions amid tit-for-tat tariffs imposed first by Washington and then by Beijing.
China's Ministry of Commerce spokesperson Huang Ling said in a statement that Beijing has "consistently been open to expanding purchases of agricultural products from the US, but only on the condition that the two sides implement their agreed '30 billion for 30 billion' reciprocal tariff-reduction arrangement."
The conditional offer follows a September meeting between Trump and Xi, when the White House proposed $60bn in cuts, including $17bn worth of US farm goods. In May, the White House said Beijing had agreed to buy $17bn of US agricultural goods annually from 2026, with this year's target adjusted on a prorated basis, in addition to a commitment made last October to buy US soya beans.
Bessent also "reiterated the Trump Administration's commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses and strengthen U.S. economic and national security," the Treasury said.
Analysis
Why This Matters
- The meeting tests whether the Busan truce holds: Washington is demanding immediate implementation while Beijing links further purchases to reciprocal tariff reductions.
- US-China trade terms directly affect global supply chains, farm exports and technology restrictions between the world's two largest economies.
- The coming period will show whether the agreement produces the "concrete results" Washington says are required for continued progress.
Background
The Busan agreement was struck to defuse a cycle of escalating tariffs between Washington and Beijing, which had traded retaliatory duties before agreeing to ease them. The arrangement also includes lifting restrictions on technology, and agricultural purchases form a central part of the bargain, with a proposed $60bn in cuts and a $17bn annual farm goods target.
Key Perspectives
US Treasury: insists China must fully and immediately implement its Busan commitments, has raised concerns about recent Chinese actions, and says continued progress depends on concrete results.
China's Ministry of Commerce: says Beijing is open to expanding purchases of US agricultural products, but only if both sides implement the "30 billion for 30 billion" reciprocal tariff-reduction arrangement.
What to Watch
- Whether China begins implementing its Busan commitments and how Washington assesses that implementation.
- Whether the two sides move forward on the reciprocal tariff cuts that Beijing says are a condition for more farm purchases.
- Any movement on the promised US agricultural purchases, including soya beans and the $17bn annual target.