US urged Beijing to implement commitments of Busan trade deal, Treasury says
SPY•US officials urged China to immediately implement commitments under the Busan trade agreement, the Treasury Department said. A proposed package includes $60 billion in reciprocal tariff cuts, including about $17 billion in US farm goods, but has not been finalized.
1. Officials press for action
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 its commitments under the Busan trade agreement. Bessent said he raised concerns about recent Chinese actions and that progress depends on concrete results. The Treasury said the United States would closely assess China's implementation.
2. Trade commitments at issue
China's commerce ministry said it was open to buying more US farm goods, provided both sides implement their reciprocal tariff-cut agreement. Following a September summit between Presidents Xi Jinping and Donald Trump in Washington, the two sides proposed $60 billion in reciprocal tariff cuts, including about $17 billion in US farm goods imported by China in 2024; the plan has not been finalized. 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, in addition to a soybean-buying commitment made last October.
