US Presses China on Busan Deal as Trade Truce Runs to Jan. 10
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Senior U.S. officials pressed China on Friday to carry out the commitments it made under the Busan trade agreement, with a focus on farm purchases and rare earth minerals. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer held a videoconference with Chinese Vice Premier He Lifeng, according to statements from the Treasury and Greer's office.
The call matters because the current truce between the world's two largest economies, which DW reported was extended to Jan. 10, depends on both sides delivering. Beijing, for its part, voiced "serious concern" about recent U.S. trade restrictions, Xinhua reported.
What each side said on the call
The Treasury said Bessent urged China to implement its Busan commitments "fully and immediately" and raised concerns about recent Chinese actions. Al Jazeera reported that the Treasury added that continued progress depends on concrete results and that Washington will closely assess how China follows through.
Greer, according to DW, stressed the need for concrete steps on past commitments, particularly agricultural purchases, rare earths and other critical minerals. Bessent also wrote on X that the administration will keep pursuing policies that benefit American workers, farmers and businesses.
Xinhua reported that He expressed serious concern about recent U.S. trade restrictions aimed at China. The report did not say which measures he meant. Xinhua also said both sides agreed to strengthen cooperation and manage their differences to support a stable trade relationship.
How the Busan deal reached this point
- October 2025: Trump and Xi met in Busan, South Korea, on the sidelines of an Asia-Pacific Economic Cooperation summit, DW reported. The accord capped U.S. tariffs on Chinese goods at about 20%. China agreed to buy 25 million metric tons of U.S. soybeans a year for three years and to suspend new export curbs on rare earths, according to DW. Al Jazeera described the soybean pledge as a commitment made last October.
- May: The White House said Beijing agreed to buy $17 billion of U.S. agricultural goods annually from 2026, with this year's target adjusted on a prorated basis, Al Jazeera reported. Those purchases are on top of the soybean commitment.
- September: Trump hosted Xi at the White House. DW reported the two sides extended the pact, which at first covered one year, until Jan. 10. Al Jazeera reported the White House proposed $60 billion in cuts at that meeting, including $17 billion worth of U.S. farm goods.
- Thursday: China's Ministry of Commerce said it remains open to buying more U.S. farm products, but only if both sides implement their agreed reciprocal tariff-reduction arrangement, spokesperson Huang Ling said, according to Al Jazeera.
- Friday: Bessent and Greer held the videoconference with He.
Why it matters for farmers, manufacturers and tariffs
The dispute touches two areas with direct economic weight. U.S. farm exports, especially soybeans, are tied to China's purchase pledges, and Beijing has linked any expansion of those purchases to the tariff-reduction arrangement. Rare earths and other critical minerals are essential to the technology industry, DW noted, and the Trump administration has complained in the past that China was not meeting its supply commitments.
The tariff ceiling of about 20% on Chinese goods, and the truce that holds it in place, remain in effect only through the current extension. Both governments are now publicly tying further progress to how the other side acts.
What happens next
Trump and Xi are expected to meet again at the Asia-Pacific Economic Cooperation forum in Shenzhen, China, scheduled for Nov. 18 and 19, DW reported. The Treasury said the U.S. will keep assessing China's implementation of the arrangement. The trade pact is set to run until Jan. 10 under the current extension.
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Around Prague, based on reporting by Al Jazeera, DW
