US presses China on Busan deal

American farmers and exporters face immediate pressure to see the Busan trade agreement move from paper to practice. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng on Friday to demand that Beijing immediately implement its pledged commitments. The officials stated that continued progress relies on concrete results, and Washington will closely assess how China executes the arrangement.

The dispute traces back to a September meeting between President Donald Trump and Chinese President Xi Jinping. At that time, the leaders agreed to ease tariffs and lift technology restrictions to stop tit-for-tat measures that had escalated between the two nations. The White House proposed $60 billion in cuts, which included $17 billion worth of US farm goods. In May, the administration confirmed that Beijing agreed to purchase that amount of agricultural products annually starting in 2026, with this year's target adjusted on a prorated basis. This commitment was separate from a pledge made last October to buy US soya beans.

China signaled its position just one day before the US delegation arrived in Beijing. On Thursday, the Ministry of Commerce stated that it remains open to buying more US farm goods, but only if both sides implement the reciprocal tariff cuts. Spokesperson Huang Ling specified that the condition is the full execution of the agreed '30 billion for 30 billion' tariff-reduction arrangement. The statement clarified that expanding purchases is contingent on the mutual lowering of barriers, rather than a unilateral action by Beijing.

The US Department of Treasury framed the meeting as a continuation of the Trump Administration's strategy to benefit American workers, farmers, and businesses. Bessent raised concerns about recent Chinese actions that he felt hindered the process. The officials emphasized that the goal is to strengthen US economic and national security through these trade policies. The next step involves monitoring Beijing's immediate response to these demands before the two sides evaluate the arrangement's success.