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United States Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng on Friday to press Beijing for swift action on the Busan trade agreement, warning that further progress in the bilateral relationship depends on concrete results rather than pledges.
“Secretary Bessent emphasised the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions,” the US Department of the Treasury said in a statement. “He underscored that continued progress depends on concrete results and that the United States will closely assess China’s implementation of the arrangement.”
The Busan deal, struck between President Donald Trump and Chinese President Xi Jinping, committed both sides to easing tariffs and lifting restrictions on technology transfers in an effort to de-escalate a prolonged cycle of retaliatory duties that each country had imposed on the other.
China links farm purchases to reciprocal tariff relief
A day before the Washington talks, Beijing signalled it was prepared to expand purchases of American agricultural goods — but only on condition that both governments follow through on what Chinese officials described as a “30 billion for 30 billion” reciprocal tariff-reduction arrangement.
“China has consistently been open to expanding purchases of agricultural products from the US, but only on the condition that the two sides implement their agreed ’30 billion for 30 billion’ reciprocal tariff-reduction arrangement,” Chinese Ministry of Commerce spokesperson Huang Ling said in a statement.
The agricultural dimension of the dispute has a layered history. In May, the White House said Beijing had agreed to buy $17 billion worth of US farm goods annually from 2026, with this year’s target adjusted on a prorated basis — purchases that came on top of a separate commitment made last October to buy American soybeans. Those figures were part of a broader $60 billion package of cuts that Washington proposed at a September summit between Trump and Xi, which included $17 billion in US farm goods.
Treasury reaffirms American workers and farmers as priority
Bessent also used Friday’s meeting to restate the administration’s broader economic objectives. “Secretary Bessent reiterated the Trump Administration’s commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses and strengthen US economic and national security,” the Treasury statement said.
The public pressure from two of Washington’s most senior trade officials reflects growing impatience within the administration over the pace at which Beijing is translating the Busan commitments into measurable action. The Treasury’s explicit warning that the US will “closely assess” implementation suggests Washington is preparing to use compliance as a benchmark for any further concessions or extensions of the trade truce.