Chinese Vice-Premier He Lifeng spoke with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer to address compliance with the Busan truce. Washington argues that China has fulfilled only about two-thirds of its pledged commitments, pointing to lags in non-soybean farm purchases and export curbs on materials like yttrium. While Beijing has rejected claims of underperformance on rare earth quotas, both nations agreed to continue consultations. Negotiators previously extended the framework's operational deadline to January 2027 to allow more time to resolve ongoing disputes.
Key points
Washington insists that ongoing diplomatic progress depends on China immediately deliveri…: Washington insists that ongoing diplomatic progress depends on China immediately delivering concrete results on critical minerals and agricultural quotas.
Export limitations on critical minerals such as yttrium have raised serious alarms regard…: Export limitations on critical minerals such as yttrium have raised serious alarms regarding supply chain vulnerabilities for American manufacturers.
The Busan agreement between Donald Trump and Xi Jinping was extended by two months to Jan…: The Busan agreement between Donald Trump and Xi Jinping was extended by two months to January 2027 following unresolved differences.
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China and the US have agreed to continue consultations to ensure stable and positive trade relations, local media Xinhua reported.
The development comes as Washington pushes Beijing to fulfil the commitments made under the trade truce agreed between US President Donald Trump and Chinese President Xi Jinping in Busan last year.
The US has raised concerns that China is falling short of its promises on rare earth supplies, critical minerals and agricultural purchases.
These concerns were discussed during a phone call on Friday morning between US treasury secretary Scott Bessent, US trade representative Jamieson Greer and Chinese vice-premier He Lifeng, who oversees trade negotiations with Washington.
During the call, the US officials told China that it needed to fully deliver on the commitments made under the Busan agreement. In a post on X on Friday, he said, “ Today, US trade representative Greer and I spoke with Vice Premier He Lifeng about the US-China economic relationship and implementation of the Busan arrangement.
Bessent further raised concerns about China's recent actions. "I emphasized the importance of China fully and immediately honoring…
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