US presses China to uphold commitments under Busan trade deal

Senior officials in US President Donald Trump's administration on Friday called on China to "fully and immediately" carry out the commitments it made under a 2025 trade agreement. These include obligations on rare earths and other critical minerals, a key issue in trade relations between the world's two largest economies.

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held a videoconference with Chinese Vice Premier He Lifeng. A statement from Greer's office said he stressed the importance of China taking concrete steps, particularly on agricultural purchases, rare earths and other critical minerals.

What the deal provides

Trump and Chinese President Xi Jinping reached the accord in Busan, South Korea, on the sidelines of a summit of the Asia-Pacific Economic Cooperation (APEC) forum. It came during a period when the two countries were exchanging tariff escalations driven by Trump's broader tariff policy.

The agreement capped US tariffs on Chinese goods at about 20%. China pledged to buy 25 million metric tons of US soybeans a year... for three years, and to keep rare earth exports flowing by suspending new export curbs. The minerals are vital to the technology industry, and the Trump administration has previously complained that Beijing was not meeting its supply commitments.

Bessent wrote on X that the administration would keep pursuing policies that benefit American workers, farmers and businesses.

China's position

He Lifeng, Beijing's lead trade negotiator with the US, expressed "serious concern" over recent US trade restrictions aimed at China, according to the Chinese state news agency Xinhua. The report did not specify which measures he meant. Both sides agreed to keep strengthening cooperation and to manage differences properly in order to maintain stable trade ties.

What comes next

The Busan deal initially ran for one year, but was extended until January 10 next year when Trump hosted Xi at the White House in September. The two leaders are expected to meet again at the APEC forum in Shenzhen, China, on November 18–19.

Separately, Chinese Foreign Ministry spokesperson Mao Ning confirmed for the first time this week that a trilateral summit of Xi, Trump and Russian President Vladimir Putin is under discussion on the sidelines of the gathering. She said China is in communication with the relevant parties.