On Friday in Seoul, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng to push Beijing to fully implement its commitments from the Busan trade agreement, the two sides said. The meeting aimed to reaffirm the deal’s purpose to ease U.S.-China tariff tensions and lift technology restrictions.
The U.S. highlighted that progress hinges on Beijing’s concrete actions, particularly regarding tariff cuts and the import of agricultural products, a view emphasized by Al Jazeera. In a statement released after the meeting, the Treasury Secretary noted that the U.S. will closely assess China’s implementation of the arrangement.
“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,”
Following the meeting, Chinese commerce officials stated that China remains open to buying more U.S. farm goods, but only on the condition that the U.S. and China honor their reciprocal “30 billion for 30 billion” tariff‑reduction scheme. Chinese Ministry of Commerce spokesperson Huang Ling said the country “has consistently been open to expanding purchases of agricultural products from the U.S., but only on the condition that the two sides implement their agreed ’30 billion for 30 billion’ reciprocal tariff‑reduction arrangement.”
In related context, the Trump‑Xi Busan deal originally set a $60 billion tariff‑cut plan, including $17 billion in U.S. farm goods and commitments for China to purchase U.S. soybeans. The U.S. reiterated its commitment to policies that benefit American workers, farmers, and businesses while strengthening national security.
