US urges China to honor Busan trade commitments before Trump-Xi summit
U.S. officials warned China to promptly fulfill its obligations under the 2025 Busan trade agreement, citing concerns over rare-earth supplies and agricultural purchases ahead of upcoming Trump-Xi meetings.
Washington – Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told Chinese Vice Premier He Lifeng that Beijing must immediately implement the terms of the Busan trade pact signed in October 2025. The officials highlighted the need for concrete actions on agricultural purchases, rare-earths and other critical minerals, which the United States says have been delayed.
"I emphasized the importance of China fully and immediately honouring its commitments, raised concerns about recent Chinese actions and underscored that progress depends on concrete results," Bessent said in a social-media post.
The U.S. Trade Representative’s office said Greer stressed that China’s compliance is essential for a balanced trade relationship that benefits American farmers, manufacturers and workers. China, through state news agency Xinhua, expressed "serious concern" over recent U.S. trade restrictions but agreed to continue consultations for "stable and positive" trade development.
The Busan agreement, which expires on Jan. 10, caps U.S. tariffs on Chinese goods at roughly 20 % and obliges China to purchase 25 million metric tons of U.S. soybeans over three years, along with an additional $17 billion in other farm goods. The United States plans to monitor China’s implementation closely.
President Donald Trump and President Xi Jinping are slated to meet at the APEC summit in Shenzhen on Nov. 18-19 and later at the G20 summit in Miami on Dec. 14-15. The upcoming talks are expected to address the pending tariff-cut package and the broader trade relationship.