U.S. Presses China to Implement Busan Deal — SkimNews
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- Scott Bessent met Chinese Vice Premier He Lifeng with US Trade Representative Jamieson Greer on Friday and urged Beijing to implement the Busan agreement’s commitments immediately.
- US Department of the Treasury said Bessent raised concerns about recent Chinese actions and that continued progress depends on concrete results and close US assessment of implementation.
- Trump and Xi agreed in the Busan trade agreement to ease tariffs and lift restrictions on technology, with the stated aim of de-escalating tit-for-tat tensions.
- China said on Thursday it was open to buying more US farm goods if both sides implemented the “30 billion for 30 billion” reciprocal tariff-reduction arrangement.
- White House proposed $60 billion in cuts after the September Trump-Xi meeting, including $17 billion worth of US farm goods.
- China had agreed, according to the White House in May, to buy $17 billion of US agricultural goods annually from 2026, with this year’s target adjusted on a prorated basis, on top of an October commitment to buy US soya beans.
Why it matters: The White House-stated $17 billion annual U.S. farm-purchase commitment gives American farmers a concrete stake in compliance, while Beijing’s willingness to expand purchases depends on Washington also delivering reciprocal tariff cuts. The Treasury says continued progress requires concrete results and close assessment of implementation.
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