U.S. officials press China to act on Busan trade agreement commitments

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng on Friday to request that Beijing promptly fulfill the obligations it made under the Busan trade agreement, a deal negotiated between President Donald Trump and President Xi Jinping that aimed to reduce tariffs and ease technology restrictions.

According to a statement from the U.S. Department of the Treasury, Bessent emphasized that the United States will closely monitor China’s implementation of the arrangement and that further progress in the bilateral relationship depends on concrete actions. The statement also noted that the officials raised concerns about recent Chinese actions that could affect the deal’s trajectory.

Chinese officials responded that they remain willing to increase purchases of U.S. farm products, provided the reciprocal tariff‑reduction framework – described as a “$30 billion for $30 billion” arrangement – is fully implemented. Ministry of Commerce spokesperson Huang Ling said China’s openness to expanding agricultural imports is contingent on both sides honoring the agreed cuts.

The Busan agreement, reached in September 2025, included a proposal for $60 billion in tariff reductions, with $17 billion earmarked for U.S. farm goods. In May 2026, the White House announced that China had agreed to buy $17 billion of U.S. agricultural products annually beginning in 2026, with the target for the current year adjusted on a prorated basis. The arrangement also builds on a prior commitment made in October 2025 for China to purchase U.S. soybeans.

Bessent reiterated the Trump administration’s focus on trade policies that support American workers, farmers and businesses while enhancing U.S. economic and national security, according to the Treasury statement.