Bessent and Greer press China’s He Lifeng to meet Busan trade commitments ‘immediately’ before Trump-Xi talks

Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held a videoconference with Chinese Vice Premier He Lifeng on Friday morning^1,2. They raised concerns about China’s actions under the trade deal reached in Busan³, according to official US readouts of the call^1,2.

The US officials urged China to meet its commitments on rare earths and agriculture ahead of meetings between President Donald Trump and Xi Jinping^4,8. The Treasury said Washington wants Beijing to “fully and immediately” carry out its obligations under the bilateral 2025 trade pact¹⁴. The US warned China that it must “immediately” meet the terms of the Busan deal^5,9.

Bessent raised concerns over what he called “recent Chinese actions”⁹. Greer joined the call alongside the Treasury secretary, and the two urged He to ensure his country lives up to the commitments^7,10. The two sides also discussed US-China economic relations more broadly^12,13.

Why it matters to investors

The call came ahead of a Trump-Xi summit in Shenzhen^6,11 and a new round of bilateral trade talks¹⁵. Rare earth supplies and US farm sales are central to the truce, and the US is pressing on both⁴.

Washington also made a concession before the talks. The US extended the suspension of an expanded trade blacklist that helped inflame tensions with China last year and could subject overseas subsidiaries of Chinese companies to export controls¹⁵. The Commerce Department extended the suspension of the export controls “affiliates rule” on Friday¹⁶.

Beijing has set out its own terms. China called on the US and the European Union to reconsider tariffs, and said it was willing to buy more US farm goods only if the two sides agreed to slash tariffs¹⁸.

What to watch

The Busan agreement covered export controls on rare earths and set up further summit-level talks, and the leaders have since met twice, including Trump’s visit to Beijing in May¹⁷. One commentary argued that the truce is likely to be extended at the Shenzhen meeting¹⁷.

Investors will watch for any Chinese account of the call and for whether Beijing moves on rare earths and agricultural purchases before the leaders meet^4,7. The US side chose public language that stressed urgency, using the word “immediately” in its account of the call^5,14.

The two commitments the US singled out, rare earths and agriculture⁴, are also the areas where Beijing has signalled conditions of its own, linking more farm purchases to tariff cuts¹⁸.