China Yet to Follow Busan Trade Agreement with US

[ABS News Service/09.11.2026]

China must immediately implement the trade commitments in made in the Busan agreement, Treasury Secretary Scott Bessent told Chinese Vice Premier He on Friday.

Mr. Bessent and US Trade Representative Jamieson Greer spoke with the Chinese Vice Premier in advance of President Trump’s upcoming trip to Asia, which will include China and meetings with Chinese President Xi.

“Secretary Bessent emphasized the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions. He underscored that continued progress depends on concrete results and that the United States will closely assess China’s implementation of the arrangement,” according to a Treasury readout.

In a separate statement, Mr. Greer said he stressed the importance of Beijing fully implementing its commitments to purchase more US agriculture and allow the export of rare earths and other critical minerals.

The Busan Agreement emerged from a meeting between Mr. Trump and President Xi in 2025.

Washington agreed to cap its tariffs on Chinese goods at about 20 percent, while Beijing agreed to buy US soybeans and other agricultural goods and keep its exports of rare earths flowing.

China has not met its agricultural purchase commitments and continues to curb rare earths exports.