US Urges China to Honour Busan Trade Deal Commitments

Senior US officials met with China's Vice Premier He Lifeng this week to press Beijing to implement commitments made under the Busan trade agreement, the US Treasury said on Friday. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer emphasised the need for China to act immediately and raised concerns about recent Chinese actions.

According to the Treasury, Bessent stressed that continued progress in the relationship depends on concrete results and that Washington will closely monitor China's implementation. The meeting followed a September summit between presidents Donald Trump and Xi Jinping, where the White House proposed tariff reductions worth $60 billion, including $17 billion in US farm goods purchases.

China said on Thursday it remained open to increasing imports of US agricultural products, provided both sides honour the agreed "30 billion for 30 billion" reciprocal tariff cut. A commerce ministry spokesperson said the arrangement requires each country to reduce tariffs by that amount.

The Busan deal was reached to ease trade tensions after a series of tit-for-tat tariffs. In May, the White House said Beijing had agreed to buy $17 billion of American agricultural goods annually from 2026, with this year's target adjusted on a prorated basis. That is in addition to a separate commitment made in October to purchase US soya beans.

Bessent also reiterated the administration's focus on policies that benefit American workers, farmers and businesses while strengthening economic and national security. The Treasury said the US will assess China's implementation closely.