US asks China to uphold Busan trade deal commitments

Top officials of United States President Donald Trump's administration have called on China to "fully and immediately" implement its commitments under a 2025 trade agreement between the two nations, including on rare earth and other critical minerals.

US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer on Friday held a videoconference with Chinese Vice Premier He Lifeng on the trade and economic relationship between Washington and Beijing, a statement from Greer's office said.

Greer "emphasized the critical importance of China taking concrete actions to fully implement its past commitments, particularly as they relate to agricultural purchases, rare earths, and other critical minerals.” it added.

The US officials were referring to an accord reached between the world's two largest economies in 2025 in a meeting between Trump and Chinese President Xi Jinping in South Korea's Busan, on the sidelines of an Asia-Pacific Economic Cooperation (APEC) summit.

The deal had been reached during a period that saw the two countries exchange tariff escalations prompted by Trump's wider tariffs policy, which particularly targeted China, among other countries.

The accord capped US tariffs on Chinese goods — enforced during Trump's second stint as president — at about 20%.

China agreed to buy 25 million metric tons of US soybeans for the next three years.

Beijing also said it would keep China's rare earth exports flowing, suspending new export curbs.

The minerals are critical for the technological industry, and the Trump administration has in the past complained that Beijing was not meeting its commitments regarding supply.

"The Trump Administration will continue pursuing policies that benefit American workers, farmers, and businesses and strengthen our economic and national security,” Bessent wrote on X after the high-level call.

He, who is Beijing's lead negotiator on trade ties with the US, during Friday's interaction expressed "serious concern" over recent US trade restrictions targeting his country, Chinese state news agency Xinhua reported.

The report did not elaborate which measure the vice premier was referring to.

But both parties agreed to "continuously strengthen cooperation”and "properly manage differences" to promote a "stable" US-China trade relationship, Xinhua said.

The Busan trade deal at first covered only one year, but the US and China extended their trade pact until January 10 next year, as Trump hosted Xi at the White House in September.

The two leaders are expected to meet again at the upcoming APEC forum in Shenzhen, China, slated from November 18 to 19.

Meanwhile, in a separate development, China has confirmed for the first time that it is discussing a historic trilateral summit of Xi, Trump and Russian President Vladimir Putin on the sidelines of the APEC gathering.

China "is in communication with relevant parties regarding a meeting between the three heads of state,” Mao Ning, a spokesperson for the Chinese Foreign Ministry, said at a media briefing in Beijing this week.