US, China trade chiefs hold call ahead of Trump-Xi summit in Shenzhen

Treasury Secretary Scott Bessent and Trade Representative Jamie Greer conversed with Chinese Vice-Premier He Lifeng on Friday, as the two nations finalized preparations for President Trump's upcoming meeting with Chinese leader Xi Jinping in Shenzhen next month. Bessent emphasized the importance of China's immediate implementation of its Busan commitments and expressed concerns over recent Chinese actions.

"Continued progress depends on concrete results and the United States will closely assess China's implementation of the arrangement," the Treasury statement read. Specific details about the "recent Chinese actions" were not provided. Previous tensions between Washington and Beijing arose over rare earth exports, with the US urging China to accelerate approval processes for shipments of these strategic minerals.

The last meeting between Bessent and He took place shortly before Xi's September state visit to Washington, where both sides agreed to extend the trade agreement from South Korea by two months until January 10, 2027. The Busan agreement, signed in October 2025, eased bilateral tensions following Trump's "Liberation Day" tariffs.

Under the deal, the US agreed to reduce tariffs on certain Chinese imports and suspend additional trade restrictions, while China paused some rare earth export controls and pledged to buy US soybeans and curb fentanyl exports. The call occurred a day after the Chinese Commerce Ministry expressed willingness to purchase more US agricultural products, provided that reciprocal tariff cuts covering US$30 billion in goods were implemented on both sides.