US urged Beijing to implement commitments of Busan trade deal, Treasury says

​US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer discussed US-China economic relations with Chinese ‌Vice Premier He Lifeng and urged Beijing to immediately implement commitments under the Busan trade agreement, the Treasury Department said on Friday.

“I emphasized the importance of China ‌fully and immediately honoring its commitments, raised concerns about recent Chinese actions and ‌underscored that progress depends on concrete results," Bessent said in a social media post. The United States would "closely assess China’s implementation of the arrangement," the Treasury said in a statement.

Beijing has ⁠signaled tariff ​concessions remain ⁠central to its aims, with its commerce ministry saying on Thursday China was open to buying ⁠more US farm goods, but only if the two sides implement their reciprocal tariff-cut ​agreement. Following a September summit between Presidents Xi Jinping and Donald Trump in ⁠Washington, the two sides proposed a $60 billion package of reciprocal tariff cuts, including roughly $17 billion worth ⁠of ​US farm goods that China imported in 2024, though the plan has yet to be finalised.

The White House said in May that ⁠Beijing had agreed to buy $17 billion of US agricultural goods annually from ⁠2026, with this year's ⁠target adjusted on a prorated basis. Those purchases were in addition to a commitment made in October last ‌year to buy ‌US soybeans.