High-ranking officials from Washington have directly called on Beijing to fully and immediately follow through on their 2025 trade accord. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer held a videoconference on Friday with Chinese Vice Premier He Lifeng to review economic ties.
According to a statement from Greer's office, he stressed that it is critically important for China to take concrete steps. The US side wants past commitments honoured, especially those regarding rare earths, other critical minerals, and agricultural buys.
Terms of the Busan accord
The agreement goes back to a 2025 meeting between Donald Trump and Chinese President Xi Jinping on the sidelines of an APEC summit in Busan, South Korea. Reached amid tariff clashes, the deal capped US tariffs on Chinese imports at about 20%.
In exchange, China agreed to purchase 25 million metric tons of US soybeans over three years. Beijing also undertook to suspend fresh export curbs on rare earths to keep shipments flowing, though Washington has previously claimed that supply targets were not being fulfilled.
“The Trump Administration will continue pursuing policies that benefit American workers, farmers, and businesses and strengthen our economic and national security,”Scott Bessent
Beijing fires back with concerns
Vice Premier He Lifeng, who leads Beijing's trade talks with the US, voiced serious concern about recent American trade restrictions, Chinese state news agency Xinhua reported. The report did not specify the exact measures.
Both parties nevertheless agreed to maintain cooperation and manage disputes properly. The pact, originally set for one year, was extended until January 10 next year when Trump hosted Xi at the White House in September.
What happens next
Trump and Xi are expected to meet again at the APEC forum in Shenzhen from November 18 to 19, where China confirmed it is also discussing a potential trilateral summit with Russian President Vladimir Putin.
