US asks China to uphold Busan trade deal commitments

The United States has urged China to promptly adhere to the commitments outlined in a 2025 trade agreement between the two nations, covering critical minerals and agricultural purchases. US Treasury Secretary Scott Bessent and Trade Representative Jamie Greer engaged in a video conference with Chinese Vice Premier He Lifeng to discuss the trade and economic relationship between Washington and Beijing.

Greer stressed the importance of China implementing its past commitments, particularly in relation to soybean purchases, rare earths, and other critical minerals. The 2025 agreement, signed during a meeting between US President Donald Trump and Chinese President Xi Jinping in Busan, South Korea, saw the US cap tariffs on Chinese goods at around 20%.

In the agreement, China committed to purchasing 25 million metric tons of US soybeans over the next three years and to keeping its rare earth exports flowing with no new export curbs. The Trump Administration vowed to continue policies that benefit American workers, farmers, and businesses while strengthening economic and national security.

During the call, He Lifeng expressed concern over recent US trade restrictions against China, though the specific measures were not detailed. Both sides agreed to strengthen cooperation and manage differences to promote a stable US-China trade relationship. The Busan trade deal initially covered a one-year period but was extended until January 10, 2026, following a meeting between Trump and Xi at the White House in September.

The two leaders are set to meet again at the upcoming APEC forum in Shenzhen, China, from November 18 to 19. Additionally, China has confirmed it is in discussions for a historic trilateral summit involving Xi, Trump, and Russian President Vladimir Putin during the APEC gathering.