U.S. Officials Demand China Honor Busan Trade Deal
Scott Bessent and Jamieson Greer urged Chinese Vice Premier He Lifeng to fully implement the 2025 Busan trade arrangement before its January 2027 expiration.
U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer held a phone call Friday with Chinese Vice Premier He Lifeng to demand the immediate and full implementation of the 2025 Busan trade arrangement. The trade truce, established by Presidents Donald Trump and Xi Jinping in October 2025, is scheduled to expire on January 10, 2027.
U.S. officials focused on China's failure to increase the supply of rare earth minerals, specifically yttrium used in jet engines and missiles. The U.S. claims Beijing has fulfilled only two-thirds of these commitments, though China disputes this assessment. While the U.S. acknowledges that China is meeting soybean purchase pledges, it asserts that other agricultural commitments remain unmet.
Bessent stated that continued progress in the trade relationship depends on concrete results. U.S. officials noted that Chinese export restrictions are currently impacting Japanese suppliers that serve American manufacturers. The United States indicated it will closely assess China's adherence to the arrangement moving forward.
