US Presses China on Trade Truce Commitments

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer urged China to fully and promptly carry out its obligations under the 2025 US-China trade agreement during a Friday videoconference with Chinese Vice Premier He Lifeng. Greer highlighted commitments involving purchases of US agricultural products, rare earths and other critical minerals. The call comes ahead of an expected meeting later this month between President Donald Trump and Chinese President Xi Jinping. The agreement was reached in Busan, South Korea, during an Asia-Pacific Economic Cooperation (APEC) summit, after the two countries had escalated tariffs amid Trump’s broader tariff policy. It capped US tariffs on Chinese goods at about 20%. China agreed to purchase 25 million metric tons of US soybeans annually for three years and to keep rare earth exports flowing by suspending new export restrictions. The minerals are essential to technology industries, and the Trump administration has previously accused Beijing of failing to meet supply commitments. Bessent said the administration would continue pursuing policies intended to benefit US workers, farmers and businesses and strengthen economic and national security. According to China’s state news agency Xinhua, He expressed serious concern about recent US trade restrictions, though the report did not specify which measures he meant. The two sides agreed to strengthen cooperation and manage differences in pursuit of a stable trade relationship. Initially scheduled to last one year, the pact was extended until January 10 of the following year when Trump hosted Xi at the White House in September. The leaders are expected to meet again at the APEC forum in Shenzhen, China, scheduled for November 18–19. Separately, China confirmed that it is communicating with relevant parties about a possible trilateral summit involving Xi, Trump and Russian President Vladimir Putin on the sidelines of the gathering.

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer told Chinese Vice-Premier He Lifeng that the United States is concerned China has not fully implemented commitments under the trade agreement reached in Busan, South Korea, a year earlier. US officials specifically cited agricultural purchases, rare earths and other critical minerals, and said further progress would depend on concrete results. China, in turn, raised serious concerns about recent US trade and economic restrictions. Both sides described their video call as frank and constructive and said they would continue cooperating while managing differences. The concerns put pressure on a trade truce that has been extended until Jan 10. The agreement is intended to prevent tariff increases and maintain the flow of rare earths, but tariff exclusions for some Chinese products are due to expire on Nov 10, with no decision yet announced on whether they will be extended. Industry groups, including the Consumer Technology Association, say the exclusions are important to supply chains. The uncertainty has raised fears of renewed trade tensions and the return of market and business concerns about a prolonged trade war between the world’s two largest economies. Greer has said China is supplying some rare earths, but not at the agreed volume or pace, and described parts of the Chinese government as engaged while other parts remain bureaucratic. Bessent has also said China was behind schedule on some agricultural commitments, although he described its soya bean purchases as substantial. The dispute comes less than two weeks before US President Donald Trump and Chinese President Xi Jinping are expected to meet at an Asia-Pacific Economic Cooperation event in Shenzhen. Bessent may also meet He there as part of a planned US-China AI dialogue. The article notes Bessent’s broader criticism of China’s trade imbalances and its positions on critical minerals, overcapacity and dumping at recent Group of 20 meetings.

The United States and China have agreed to continue consultations aimed at maintaining stable and positive trade relations, according to Chinese state media, as Washington presses Beijing to meet commitments under the trade truce agreed by President Donald Trump and President Xi Jinping in Busan in October 2025. The agreement was later extended until January 2027 after negotiators failed to resolve their differences. The latest discussions took place in a Friday phone call between US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice-Premier He Lifeng, who oversees trade negotiations. Bessent said the US stressed that China must honor its commitments fully and immediately, and that progress depends on concrete results. Washington has raised concerns over Chinese supplies of rare earths and critical minerals, as well as purchases of US agricultural goods. Rare earth supplies are a particular point of contention. US officials reportedly told the Financial Times in September that China was meeting only about two-thirds of its Busan commitments. A person familiar with the matter said supplies had not increased after Bessent raised the issue with He in New York. China has rejected US claims that it is failing to meet its promises. The countries also disagree over agricultural purchases. Washington says China has met its commitment to buy soybeans but has fallen short on other agricultural products. Separately, the US is concerned about Chinese restrictions on yttrium exports to Japan. Yttrium is used in products including jet engines and missiles, and Japanese companies say their stocks are running dangerously low. Because Japanese firms supply components used in US-manufactured products, the restrictions could have wider effects. The article reports continued engagement between the two sides but highlights unresolved disputes over implementation of the trade truce.