In brief
On 6 Nov 2026, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng in Seoul to pressure China into fulfilling the Busan trade deal’s tariff‑cut commitments. China said it is open to buying more U.S. farm goods only if the U.S. implements its side of the reciprocal agreement. The U.S. insists that tangible actions, particularly on tariff cuts and agricultural imports, are essential for further trade progress.
On 6 Nov 2026, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng in Seoul to urge Beijing to fully implement its commitments from the Busan trade deal. The meeting followed a series of U.S. statements warning that further progress depended on concrete actions.
The Busan agreement, negotiated in 2022 by former President Donald Trump and President Xi Jinping, aimed to ease tariffs and lift technology restrictions to de‑escalate the tit‑for‑tat trade standoff between the two nations.
During the discussion, Bessent said the United States would closely assess how China implements the agreed‑upon tariff cuts. “Secretary Bessent emphasised 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,” the Treasury said in a statement.
China has signaled willingness to purchase more U.S. agricultural goods, but only if the U.S. follows through on its side of the reciprocal agreement. Chinese Ministry of Commerce spokesperson Huang Ling said, “China has consistently been open to expanding purchases of agricultural products from the US, but only on the condition that the two sides implement their agreed ’30 billion for 30 billion’ reciprocal tariff‑reduction arrangement.”
The U.S. originally proposed $60 billion in tariff cuts, including $17 billion worth of U.S. farm goods. In May, a White House statement noted that Beijing had agreed to buy $17 billion of U.S. agricultural goods annually from 2026, albeit on a prorated basis, in addition to a separate commitment made last October to purchase U.S. soybeans.
Bessent reiterated the Trump Administration’s trade policy focus, stating, “Secretary Bessent reiterated the Trump Administration’s commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses and strengthen U.S. economic and national security.”
