Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer pressed Chinese Vice Premier He Lifeng to uphold terms set under the Busan trade agreement. In response, China's Commerce Ministry affirmed its willingness to scale up agricultural purchases only if a reciprocal "30 billion for 30 billion" tariff reduction takes effect. These agricultural targets include Beijing buying $17 billion in American farm goods annually starting in 2026, alongside a prorated sum for the current year. The United States maintains that monitoring these outcomes is essential for safeguarding domestic agricultural and economic security.
Key points
Washington insists that ongoing trade progress requires verifiable and concrete results f…: Washington insists that ongoing trade progress requires verifiable and concrete results from the Chinese government.
China conditions its expanded American agricultural imports directly on the execution of…: China conditions its expanded American agricultural imports directly on the execution of reciprocal tariff cuts.
The United States views the trade framework as vital for protecting domestic farmers and…: The United States views the trade framework as vital for protecting domestic farmers and national economic security.
Sources checked by our analysis pipeline: 1
Trump-Xi Busan deal aimed to ease tariffs and tech restrictions; progress hinges on China’s fulfillment of commitments.
United States Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng to urge Beijing to immediately implement commitments under the Busan trade agreement.
“Secretary Bessent emphasised 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 US Department of the Treasury said in a statement announcing the discussions on Friday.
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