Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer urged Chinese Vice Premier He Lifeng in a call to implement terms of the pact agreed in Busan, South Korea, in October 2025, the US agencies said.

"During the call, Ambassador Greer emphasized the critical importance of China taking concrete actions to fully implement its past commitments, particularly as they relate to agricultural purchases, rare earths and other critical minerals," USTR said in a statement.

During the call, China expressed "serious concern" over recent US trade restrictions targeting Beijing, China's official Xinhua news agency said.

But He, China's lead negotiator on trade relations with the US, agreed with his US counterparts to continue using consultation for "stable and positive" development of trade ties, Xinhua reported.

Presidents Donald Trump and Xi Jinping are expected to meet at the summit of the Asia-Pacific Economic Cooperation forum in Shenzhen, China, on Nov. 18 and 19, and the Group of 20 summit in Miami on Dec. 14 and 15.

Prospects

Every Monday

With exclusive interviews and in-depth coverage of the region's most pressing business issues, "Prospects" is the go-to source for staying ahead of the curve in Indonesia's rapidly evolving business landscape.

View More Newsletter

By registering, you agree with The Jakarta Post's Privacy Policy

Sign Up

Thank You

for signing up our newsletter!

Please check your email for your newsletter subscription.

View More Newsletter

Greer said the Trump administration will pursue balanced trade with China by "monitoring compliance of past commitments while unlocking lasting benefits for American farmers, ranchers, manufacturers and workers."

Greer, Bessent and other US officials have frequently complained about difficulties that US companies say they are experiencing in receiving sufficient quantities of rare earths and other critical minerals from China under the Busan agreement. The US says the deal was designed to lift restrictions put in place in 2025 during a period of tariff escalations between the world's two largest economies.

The Busan trade deal, which expires on Jan. 10, capped US tariffs on Chinese goods implemented during Trump's second term at about 20 percent. China has pledged to buy 25 million metric tons of US soybeans for the next three years and boost purchases of other American farm goods by US$17 billion.

"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 will "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 that China was open to buying more US farm goods, but only if the two sides implement their reciprocal tariff-cut agreement.

Following a September summit between Xi and Trump in Washington, the two sides proposed a $60 billion package of reciprocal tariff cuts, including roughly $17 billion worth of US farm goods that China imported in 2024, though 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. Those purchases were in addition to a commitment made in October last year to buy US soybeans.

Popular

China imports crimp local plastic industry, business group warns

Investors wipe $2.5 trillion off Nasdaq as Democrats win prompts AI fears

The twilight of RSPO: A multistakeholder sustainability forum