US urged Beijing to implement commitments of Busan trade deal, Treasury says

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamie Greer met with Chinese Vice Premier He Lifeng to discuss economic ties between the two nations, according to a statement from the Treasury Department. Bessent emphasized the significance of China honoring its commitments under the Busan trade agreement and expressed concern over recent Chinese actions, stating that progress relies on tangible outcomes. The United States will closely monitor China's compliance with the agreement, the Treasury added.

China has signaled its intention to reduce tariffs as a key objective, with its commerce ministry indicating willingness to purchase more U.S. farm products, contingent upon both nations implementing their agreed-upon tariff reductions. Following a summit between U.S. President Donald Trump and Chinese President Xi Jinping in September, both sides agreed to a $60 billion package of reciprocal tariff cuts, which includes approximately $17 billion in U.S. farm goods that China had pledged to buy.