US demands China honours Busan trade deal commitments

Summarised from 3 outlets · Updated 7 Nov, 05:33 · Archive

The United States has told China it must immediately implement commitments made under a 2025 trade agreement negotiated between the two countries. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer held a videoconference with Chinese Vice Premier He Lifeng on Friday to urge Beijing to 'fully and immediately' implement the accord.

The deal was reached between President Donald Trump and Chinese President Xi Jinping in Busan, South Korea, during an Asia-Pacific Economic Cooperation summit. It aimed to ease tariffs and lift restrictions on technology to de-escalate tensions between the world's two largest economies after tit-for-tat tariff escalations.

Under the agreement, the US capped tariffs on Chinese goods at about 20 per cent. China agreed to buy 25 million metric tons of US soybeans over the next three years and to keep rare earth exports flowing by suspending new export curbs. The agreement also included a 'reciprocal tariff cut' arrangement.

Greer emphasised the need for 'concrete actions' on agricultural purchases, rare earths and other critical minerals. The minerals are vital for the technology industry, and the Trump administration has previously complained that Beijing was not meeting its supply commitments.

China's Ministry of Commerce expressed openness to buying more US farm goods but said this was conditional on both sides implementing the agreed tariff-reduction arrangement. In September, the White House had proposed $60bn in cuts, including $17bn worth of US farm goods.

How it is being reported

• US asks China to uphold Busan trade deal commitmentsThe US urged Beijing to meet commitments from a 2025 accord — particularly on agricultural purchases and rare earths supply. China, meanwhile, expressed concern over the US' "economic, trade restrictive" measures.DW News · 7 Nov, 04:44
• US urges China to honour Busan trade deal commitmentsTrump-Xi Busan deal aimed to ease tariffs and tech restrictions; progress hinges on China's fulfilment of commitments.Al Jazeera · 6 Nov, 23:00
• US warns China it must ‘immediately’ meet terms of Busan trade dealWashington says Beijing is not fulfilling commitments to increase supply of rare earths and other critical productsFinancial Times · 6 Nov, 17:20

In this story: Donald Trump · Xi Jinping · Scott Bessent · Jamieson Greer · He Lifeng · United States · China · Busan

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log