In brief
The U.S. Treasury Secretary urged China to carry out its commitments under the 2025 Busan trade deal during a meeting with Chinese Vice Premier He Lifeng in Washington. China said it would purchase additional U.S. farm products if reciprocity was met, but emphasized the need for concrete actions on both sides. The discussion highlighted tariff cuts and agricultural imports as key areas for progress.
The U.S. Treasury Secretary, Scott Bessent, met with Chinese Vice Premier He Lifeng in Washington on Friday, urging Beijing to immediately implement its commitments under the Busan trade agreement. The meeting also included U.S. Trade Representative Jamieson Greer, according to a release from the U.S. Department of the Treasury.
“Secretary Bessent emphasized the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions. He underscored that continued progress depends on concrete results and that the United States will closely assess China’s implementation of the arrangement,” the Treasury said in a statement announcing the discussions.
Moderators noted that the Busan agreement, negotiated by former President Donald Trump and President Xi Jinping, sought to ease tariffs and lift technology restrictions to de‑escalate tensions stemming from tit‑for‑tat tariff levels imposed in previous years. The U.S. had proposed $60 billion in tariff cuts, including $17 billion worth of U.S. farm goods, in a September meeting between Trump and Xi.
China indicated it is ready to expand purchases of U.S. agricultural products if the two sides implement the agreed “30 billion for 30 billion” reciprocal tariff‑reduction arrangement. “China has consistently been open to expanding purchases of agricultural products from the U.S., but only on the condition that the two sides implement their agreed ’30 billion for 30 billion’ reciprocal tariff‑reduction arrangement,” a spokesperson for the Chinese Ministry of Commerce, Huang Ling, said in a statement.
The White House has said Beijing agreed to buy $17 billion of U.S. agricultural goods annually from 2026, with that year’s target adjusted on a prorated basis. Those purchases are in addition to a commitment made last October to buy U.S. soybeans. The Treasury’s statement 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.
In contrast, Chinese officials emphasized the need for reciprocal action, pointing out that recent Beijing moves have not yet mirrored the tariff reductions promised in Busan. The vice premier’s presence at the meeting sent a clear signal that China is receptive to dialogue but remains cautious in its concessions.
Both sides acknowledged that the success of the Busan deal hinges on concrete tariff cuts and the import of U.S. farm goods, a key area of American trade policy in the ongoing U.S.–China negotiations. As the meeting concluded, officials from the Treasury and Commerce departments indicated that further discussions will continue in upcoming talks to ensure that the agreement’s provisions are fully implemented by both parties.
