The Trump-Xi Pusan agreement aimed to ease tariffs and technology regulations. Progress depends on China fulfilling its commitments.
Published November 6, 2026
U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and urged the Chinese government to immediately implement its commitments under the Busan trade agreement.
“Secretary Bessent emphasized the importance of China’s full and immediate implementation of its Busan commitments and expressed concern about China’s recent actions. Continued progress depends on concrete results, and the United States stressed that it will closely evaluate China’s implementation of the agreement,” the U.S. Treasury said in a statement announcing Friday’s talks.
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The announcement referred to a trade deal negotiated between the United States and China, in which U.S. President Donald Trump and Chinese President Xi Jinping agreed to ease tariffs and lift restrictions on high-tech products to ease tensions amid retaliatory tariffs imposed first by the U.S. government and then by Beijing.
China said Thursday it is ready to buy more U.S. agricultural products if the world’s two largest economies agree to implement reciprocal tariff cuts.
“China has consistently been willing to expand its agricultural purchases from the United States, but only on the condition that the two countries implement the “30 billion-for-30 billion” reciprocal tariff reduction agreement,” Chinese Ministry of Commerce spokesperson Huang Lin said in a statement.
The move follows a meeting between President Trump and President Xi Jinping in September in which the White House proposed cuts of $60 billion, including $17 billion worth of U.S. agricultural products.
The White House announced in May that Beijing had agreed to buy $17 billion a year in U.S. agricultural products starting in 2026, with this year’s target adjusted on a pro-rata basis. These purchases are in addition to a commitment made last October to buy U.S. soybeans.
“Secretary Bessent reiterated the Trump Administration’s commitment to pursuing trade and economic policies that benefit American workers, farmers, and businesses and strengthen the United States’ economy and national security,” the Treasury Department added.
