US urges China to honour Busan trade deal commitments
US Treasury and Trade officials urged China to immediately implement its Busan trade deal commitments, including a reciprocal tariff-cut deal.
At a glance
- US Treasury Secretary Bessent and US Trade Representative Greer met Chinese Vice Premier He Lifeng to urge Beijing to implement Busan trade deal commitments.
- The Busan deal aims to ease tariffs and lift technology restrictions between Washington and Beijing.
- China said it would buy more US farm goods only if both sides implement the "30 billion for 30 billion" reciprocal tariff-cut arrangement.
On Friday, US 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. The US Department of the Treasury said Secretary Bessent emphasised the importance of China fully and immediately implementing its Busan commitments and raised concerns about recent Chinese actions, underscoring that continued progress depends on concrete results.
The Busan deal was negotiated between Washington and Beijing by President Donald Trump and President Xi Jinping to ease tariffs and lift technology restrictions amid tensions triggered by reciprocal tariffs imposed first by Washington and then by Beijing. On Thursday, China's Ministry of Commerce spokesperson Huang Ling said Beijing was open to expanding purchases of US agricultural products, but only if the two sides implement their agreed reciprocal tariff-reduction arrangement.
The arrangement refers to a "30 billion for 30 billion" reciprocal tariff-cut deal. In September, the White House proposed $60 billion in cuts, including $17 billion worth of US farm goods. In May, the White House said Beijing had agreed to buy $17 billion of US agricultural goods annually from 2026, with this year's target adjusted on a prorated basis. Those purchases were in addition to a separate October commitment to buy US soybeans.
Secretary Bessent also reiterated the Trump Administration's commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses and strengthen US economic and national security.
Questions and answers
- What is the Busan trade deal?
- It is a deal between Washington and Beijing negotiated by Trump and Xi to ease tariffs and lift technology restrictions.
- How much did the White House propose in cuts?
- The White House proposed $60 billion in cuts, including $17 billion worth of US farm goods.
- What did China say about buying US farm goods?
- China said it was open to buying more US farm goods only if both sides implement their agreed reciprocal tariff-cut arrangement.
