US presses China to fully implement Busan trade deal

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer have called on China to immediately and fully implement the Busan trade deal. The two US officials made the call during talks with Chinese Vice Premier He Lifeng on economic and trade relations between the two countries. The US Treasury Department announced the talks on Friday, November 6. Bessent emphasized the importance of China implementing its commitments fully and immediately.

The Busan trade deal was a significant agreement between the US and China aimed at reducing trade tensions. The deal included a plan for China to purchase $17 billion worth of US agricultural products annually, starting from 2026. However, the corresponding mechanism for the deal has not yet been finalized. The US Treasury Department stated that the US would closely monitor China's implementation of the deal. The evaluation of China's compliance with the deal would be based on its implementation of commitments.

The talks between the US and Chinese officials focused on key issues, including tariffs and market access for US agricultural products. China has indicated that tariff concessions remain a crucial element of its negotiation program. The Chinese Ministry of Commerce stated that China was willing to increase its purchases of US agricultural products if both parties implemented the agreement on reciprocal tariff reduction.

The US-China trade relationship has been closely watched in recent months. The two countries have been engaged in a series of talks aimed at reducing trade tensions. In September, Chinese President Xi Jinping and US President Donald Trump held a summit in Washington, where they presented a plan for mutual tariff reduction totaling $60 billion.

The plan includes $17 billion worth of US agricultural products that China imported in 2024. However, the deal has faced challenges, and its implementation has been closely watched. The US Treasury Department has emphasized that progress on the deal would depend on concrete results. Bessent expressed concerns about recent Chinese actions and stressed the need for China to take concrete steps.

The US-China trade deal has significant implications for global trade. The two countries are among the world's largest economies, and their trade relationship has a major impact on the global economy. The US has been pressing China to implement its commitments under the deal. The Chinese government has stated that it is committed to implementing the agreement.

The implementation of the Busan trade deal will be closely watched in the coming months. The US and China have a complex trade relationship, and the deal's success will depend on both parties' commitment to implementation. The US Treasury Department has emphasized that it would closely monitor China's implementation of the deal.

Key points

• US presses China to fully implement Busan trade deal
• China commits to buying $17 billion worth of US agricultural products annually
• US-China trade deal aims to reduce trade tensions between the two countries