US presses China to immediately honour Busan trade deal commitments
Washington warns Beijing that progress on bilateral trade depends on concrete results as rare earth and farm purchase targets lag.
The United States has called on China to immediately and fully implement its commitments under the Busan trade agreement, warning Beijing that ongoing economic negotiations depend on tangible progress regarding rare earths and agricultural purchases.
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer delivered the warning during a phone call on Friday with Chinese Vice Premier He Lifeng, who leads trade negotiations for Beijing.
"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 statement posted on social media following the conversation.
What Washington is raising in trade talks
American negotiators pointed to specific areas where Beijing is falling short of the agreement struck in Busan, South Korea, in October 2025. While China has maintained substantial purchases of US soybeans, Washington says Beijing has failed to fulfill promises for other agricultural products.
The supply of rare earth elements and critical minerals remains a central point of friction. US officials noted that China is supplying only about two-thirds of the rare earth volumes agreed under the truce. Washington has also raised concerns regarding Chinese restrictions on yttrium exports to Japan, a critical material used in jet engines and missile systems.
Beijing has rejected claims that it is failing to meet its rare earth export obligations. During Friday's call, Chinese officials raised "serious concerns" of their own over recent US economic and trade restrictions. State-run Xinhua News Agency described the discussions as frank and constructive, noting both sides agreed to keep communication channels open.
What comes next for the Busan trade truce
| Trade Deal Area | Status of Implementation | Main Concerns |
|---|---|---|
| Rare Earths & Minerals | Meeting roughly two-thirds of agreed volumes | Shortfalls in delivery pace; export limits on yttrium |
| Soybean Purchases | Substantially fulfilled | Buying targets met |
| Other Farm Products | Falling short of commitments | Purchases lagging behind agreed targets |
| Tariff Exclusions | Expiring 10 November | US has not confirmed extension |
The high-level conversation comes shortly before US President Donald Trump and Chinese President Xi Jinping are expected to meet at the Asia-Pacific Economic Cooperation summit in Shenzhen. Tariff exclusions covering specific Chinese goods are set to expire on 10 November, leaving businesses seeking clarity on whether Washington will extend those exemptions.
Key numbers
| What | Figure | Source |
|---|---|---|
| Busan trade truce signed | October 2025 | Primary sources |
| Tariff exclusions expiration date | 10 November | US Trade Representative office |
| China rare earth delivery rate | Approximately two-thirds of committed volume | Unnamed US officials speaking to the Financial Times |
In this story
| Name | Role in the story |
|---|---|
| Scott Bessent | US Treasury Secretary leading economic talks with China |
| Jamieson Greer | US Trade Representative participating in negotiations |
| He Lifeng | Chinese Vice Premier overseeing trade talks with Washington |
