The United States has requested China to fully and promptly adhere to its commitments in the 2025 trade agreement signed between the two countries. This request followed a video conference between senior U.S. officials and Chinese Vice Premier He Lifeng.
Emphasis on China's Practical Actions
Scott Basset, U.S. Secretary of the Treasury, and Jamison Greer, the country's trade representative, stressed the importance of China fulfilling its past commitments, particularly regarding agricultural and rare mineral purchases. Greer stated during the meeting that the U.S. expects China to take tangible and immediate actions in this regard.
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The Busan Agreement and Its Extension
The trade agreement between the two countries was signed in 2025 during a meeting between former U.S. President Donald Trump and Chinese President Xi Jinping in Busan, South Korea. This agreement was signed at a time when the two countries were exchanging trade tariffs, and it helped limit U.S. tariffs on Chinese goods. Under this agreement, China committed to purchasing 25 million tons of soybeans from the U.S. over the next three years and to continue exporting its rare materials without restrictions.
During this meeting, Basset stated that the Trump administration is pursuing policies that benefit American workers, farmers, and businesses while strengthening economic and national security. On the other hand, He Lifeng expressed serious concerns about the recent trade restrictions imposed by the U.S. on China.
Strengthening Cooperation and Managing Differences
Both sides agreed to continuously strengthen their cooperation and properly manage differences to establish a stable and sustainable trade relationship between the U.S. and China. The Busan agreement initially had a validity of only one year, but it has been extended until January 10 of next year.
The two leaders are expected to meet again at the upcoming APEC summit in Shenzhen, China, which will be held from November 18 to 19. Additionally, China has confirmed for the first time that it is discussing holding a historic trilateral meeting among Xi Jinping, Trump, and Russian President Vladimir Putin on the sidelines of this gathering.
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