WASHINGTON—U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng in Washington on Friday to urge Beijing to honor its obligations under the 2022 Busan trade deal. The meeting was held at the U.S. Treasury’s headquarters and was designed to push China to fully and immediately implement the commitments made in Busan, according to a Treasury statement released on Friday.
In the briefing, Bessent and Trade Representative Jamieson Greer emphasized that continued progress under the Busan agreement depends on concrete actions. The statement described concerns about recent Chinese actions that the United States says could undermine the deal’s objectives. Treasury officials added that the United States will closely assess China’s implementation of the arrangement.
The Busan trade deal, negotiated in September 2022 by U.S. President Donald Trump and Chinese President Xi Jinping, was designed to ease tariffs and lift restrictions on technology in order to de‑escalate a tit‑for‑tat tariff dispute. Under the agreement, Washington proposed $60 billion in tariff cuts, including $17 billion worth of U.S. farm goods, while Beijing promised to match the reduction on its side of the reciprocal arrangement.
China’s Ministry of Commerce spokesperson Huang Ling said the country has consistently been open to expanding purchases of U.S. agricultural products, but only if both sides implement the agreed "30 billion for 30 billion" reciprocal tariff‑reduction arrangement. Beijing had earlier announced that it would buy $17 billion of U.S. agricultural goods annually from 2026, with this year’s target adjusted on a prorated basis. Those purchases are in addition to a commitment made last October to buy U.S. soybeans.
Secretary Bessent reiterated the Trump Administration’s commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses while reinforcing U.S. economic and national security. The Treasury noted that protecting American farmers and businesses is a central priority of the Busan agreement and that the United States seeks to ensure that China follows through on its side of the deal.
The U.S. statement also highlighted that progress under the Busan deal hinges on China’s fulfillment of tariff cuts and other key provisions. Treasury officials stressed that the United States is prepared to monitor and evaluate China’s actions closely and will assess whether they meet the standards set out in the agreement.
The meeting followed a series of exchanges between Washington and Beijing in September, when Trump and Xi met to establish the framework of the trade deal. The United States, according to the Treasury, is awaiting concrete evidence that China is honoring its commitments, particularly in regard to tariff reductions and farm product imports, before it will state that the deal’s objectives are being met.
