Treasury and Trade Chiefs Demand China Execute 2025 Busan Terms
US officials pressed Beijing to fulfill soybean and mineral obligations during a videoconference held before a scheduled summit in Shenzhen.
By Malik Salazar ·
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer told Chinese Vice Premier He Lifeng on Friday that Washington expects immediate compliance with the 2025 trade accord.
The officials held a videoconference to discuss the bilateral economic relationship, focusing on specific deliverables that remain unmet. Greer’s office stated that he emphasized the need for China to take concrete actions to honor its past commitments. The discussion centered on agricultural purchases, rare earth supplies, and other critical minerals.
The agreement originated from a meeting between President Donald Trump and Chinese President Xi Jinping in Busan, South Korea, during an APEC summit. The deal capped US tariffs on Chinese goods at approximately 20 percent, a reduction from the rates enforced during Trump’s second term. In exchange, Beijing agreed to purchase 25 million metric tons of US soybeans over a three year period.
China also committed to suspending new export restrictions on rare earths. These minerals are essential for the technology industry, and the Trump administration has previously cited Beijing’s supply practices as a concern for national security. Bessent wrote on X after the call that the administration will continue pursuing policies that benefit American workers, farmers, and businesses.
Vice Premier He Lifeng, who serves as Beijing’s lead trade negotiator, expressed serious concern over recent US trade restrictions targeting China, according to a report from Xinhua. The state news agency did not specify which measures He was referencing. Both sides agreed to manage their differences and strengthen cooperation to promote a stable trade relationship.
The original Busan agreement covered a single year, but the two nations extended the pact until January 10, 2027, after Trump hosted Xi at the White House in September. The leaders are scheduled to meet again at the APEC forum in Shenzhen from November 18 to 19. Chinese Foreign Ministry spokesperson Mao Ning confirmed this week that Beijing is in communication with relevant parties regarding a trilateral summit involving Xi, Trump, and Russian President Vladimir Putin on the sidelines of that gathering.
