US urges China to honour Busan trade deal commitments
Summary
U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer urged Chinese Vice Premier He Lifeng to carry out China’s commitments under the Busan trade agreement. The deal calls for easing tariffs and lifting some technology restrictions, while China says it is open to buying more U.S. farm goods if both countries implement agreed tariff cuts.Key Facts
- The U.S. officials raised concerns about recent Chinese actions and said Washington would assess whether China delivers concrete results.
- The Busan agreement was negotiated by U.S. President Donald Trump and Chinese President Xi Jinping to reduce trade tensions.
- China said it would consider expanding purchases of U.S. agricultural products if both sides implement a reciprocal tariff-reduction arrangement it described as “30 billion for 30 billion.”
- The White House proposed $60 billion in cuts at a September meeting, including $17 billion in U.S. farm goods.
- In May, the White House said China had agreed to buy $17 billion of U.S. agricultural goods annually starting in 2026, with this year’s target adjusted proportionally.
- China’s planned purchases would be in addition to a commitment made last October to buy U.S. soybeans.
- Bessent said the Trump administration’s trade policies aim to benefit U.S. workers, farmers and businesses and strengthen economic and national security.
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