What did U.S. officials urge China to do regarding the Busan trade agreement?

Scott Bessent and Jamieson Greer raised concerns about recent Chinese actions in their discussion with He Lifeng. Bessent said the United States would closely assess implementation and that progress depended on concrete results.

Why did China say it was open to buying more U.S. agricultural goods?

China’s commerce ministry tied additional purchases to implementation of the reciprocal tariff-cut agreement by both sides. The proposed tariff-cut package has not been finalized.

How much U.S. agricultural trade was included in the proposed US-China tariff-cut package?

The proposed package included roughly $17 billion worth of U.S. farm goods that China imported in 2024. Separately, the White House said China had agreed to buy $17 billion in U.S. agricultural goods annually from 2026, with this year’s target prorated.

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

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Summary

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer urged Chinese Vice Premier He Lifeng to implement the Busan trade agreement commitments during talks on U.S.-China economic relations. The Treasury said the United States would closely assess China’s implementation and that progress depended on concrete results. China said it was open to buying more U.S. farm goods if both sides implement their reciprocal tariff-cut agreement. The proposed package includes $60 billion in reciprocal tariff cuts, but has not been finalized.

Key Facts

The proposed package includes roughly $17 billion worth of U.S. farm goods that China imported in 2024.
The White House said in May that China had agreed to buy $17 billion of U.S. agricultural goods annually from 2026, with this year’s target adjusted on a prorated basis.
The proposed farm-goods purchases would be in addition to China’s commitment made in October last year to buy U.S. soybeans.
China’s commerce ministry said Thursday that it was open to buying more U.S. farm goods only if both sides implement their reciprocal tariff-cut agreement.

By Reuters

Published Nov 7, 2026 2:46 am KST
Updated Nov 7, 2026 3:01 am KST

U.S. President Donald Trump and Chinese President Xi Jinping react as they hold a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, Oct. 30, 2025. Reuters-Yonhap

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer discussed U.S.-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 U.S. 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 U.S. 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 U.S. 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 U.S. soybeans.

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