The United States, under the leadership of the Trump administration, has asked China to fully and immediately comply with its commitments under the 2025 trade agreement. This request particularly emphasizes the purchase of agricultural products and rare minerals.
Virtual dialogue between senior officials
U.S. Treasury Secretary Scott Bassett and U.S. Trade Representative Jamison Greit held a video conference on Friday with He Lifeng, Vice Premier of China, to discuss trade and economic relations between Washington and Beijing. Greit emphasized the critical importance of concrete actions by China to fulfill its previous commitments.
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He stated that specific actions by China should particularly focus on the purchase of agricultural products, rare minerals, and other essential materials. U.S. officials referred to an agreement signed in 2025 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit between Trump and Chinese President Xi Jinping in Busan, South Korea.
Details of the Busan trade agreement
This agreement was signed at a time when the two countries had begun exchanging tariffs due to Trump's tariff policies, which particularly affected China. Under this agreement, U.S. tariffs on Chinese goods were limited to about 20 percent. Additionally, China agreed to purchase 25 million tons of soybeans from the United States for three years and to continue its exports of rare materials without restrictions.
Rare minerals are vital for the technology industry, and the Trump administration had previously expressed concerns about China's non-compliance with commitments related to the supply of these materials. Scott Bassett wrote on social media platform X after this high-level call: "The Trump administration is seeking policies that benefit American workers, farmers, and businesses while strengthening our economic and national security."
China's concerns about U.S. trade restrictions
He, who is China's chief negotiator in trade relations with the United States, expressed serious concerns during this conversation regarding recent U.S. trade restrictions directed at his country. Reports did not mention details of these restrictions. However, both sides emphasized the need to strengthen cooperation and properly manage disputes to promote a sustainable trade relationship between the United States and China.
The Busan agreement initially had a validity of only one year, but the United States and China extended it until January 10 of next year, while Trump hosted Xi at the White House last September.
Upcoming leaders' meeting at APEC
The two leaders are expected to meet again at the upcoming APEC summit, which will be held on November 18-19 in Shenzhen, China. Meanwhile, China has for the first time confirmed that it is discussing holding a historic trilateral summit between Xi, Trump, and Vladimir Putin, the President of Russia, on the sidelines of this gathering. Mao Ning, spokesperson for the Chinese Foreign Ministry, announced at a press conference in Beijing that China "is in communication with relevant parties regarding holding a meeting between the three presidents."
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