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 U.S.-China economic ties, urging Beijing to promptly implement commitments from the Busan trade agreement, according to a Treasury Department statement on Friday. Bessent emphasized the need for China to fully and immediately honor its obligations, noting concerns over recent Chinese actions and stressing that progress hinges on concrete results.

The United States aims to closely monitor China's adherence to the agreement, the Treasury said. Beijing has indicated that tariff concessions are crucial to its goals, with its commerce ministry stating on Thursday that China is open to increasing purchases of U.S. farm products, but only if both nations fulfill their end of a reciprocal tariff-cut deal.

Following a September meeting between Presidents Xi Jinping and Donald Trump in Washington, the two countries unveiled a $60 billion package of mutually agreed tariff reductions, including about $17 billion in U.S. farm goods that China agreed to buy.