Washington Presses Beijing to Execute Busan Trade Terms Before APEC Summit

American farmers and manufacturers face continued uncertainty as US officials demand that China fully execute its 2025 trade commitments. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer held a videoconference with Chinese Vice Premier He Lifeng on Friday to address the bilateral trade relationship. Greer’s office stated that the official emphasized the need for concrete actions regarding agricultural purchases, rare earths, and other critical minerals. The call occurred against the backdrop of a trade accord reached in 2025 during a meeting between President Donald Trump and President Xi Jinping in Busan, South Korea.

The Busan agreement was negotiated during a period of escalating tariffs. It capped US tariffs on Chinese goods at approximately 20%. In exchange, Beijing agreed to purchase 25 million metric tons of US soybeans over a three-year period. China also committed to maintaining rare earth exports by suspending new export curbs. The Trump administration has previously expressed dissatisfaction with Beijing’s pace of supply for these minerals, which are essential for the technology industry. The original one-year deal was extended until January 10, 2027, when Trump hosted Xi at the White House in September.

Vice Premier He Lifeng, Beijing’s lead trade negotiator, voiced serious concern over recent US trade restrictions targeting China, according to a report from Xinhua news agency. The state media outlet did not specify which measures prompted He’s reaction. Both sides agreed to strengthen cooperation and manage differences to promote a stable trade relationship. Bessent wrote on the social media platform X after the call that the administration would continue pursuing policies that benefit American workers, farmers, and businesses.

The two leaders are scheduled to meet again at the Asia-Pacific Economic Cooperation forum in Shenzhen, China, from November 18 to 19. In a separate development, Chinese Foreign Ministry spokesperson Mao Ning confirmed that Beijing is in communication with relevant parties regarding a trilateral summit. The potential meeting would involve Xi, Trump, and Russian President Vladimir Putin on the sidelines of the APEC gathering. Mao Ning made the statement during a media briefing in Beijing this week.