In brief
On 6 November 2026, U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng to urge China to honor its commitments under the Busan trade deal. The United States emphasized that progress hinges on concrete tariff‑cut actions, while China has signaled willingness to buy more U.S. farm products, contingent on reciprocal implementation. The exchange reflects ongoing uncertainties about when China will fully comply and whether U.S. offers will be reciprocated as promised.
U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng on 6 November 2026 to press Beijing to execute its obligations under the Busan trade agreement negotiated between Washington and Beijing last year.
The Treasury said that progress depends on China taking concrete actions, especially regarding tariff cuts and agricultural imports, and that the United States will closely assess China’s implementation of the arrangement.
China’s Ministry of Commerce spokesperson Huang Ling said the country remains open to buying more U.S. farm goods if both sides implement the reciprocal “30 billion for 30 billion” tariff‑reduction plan, though specific dates or speed of implementation have not been confirmed.
Bessent highlighted that continued advances in the trade relationship rely on China’s immediate fulfillment of commitments and expressed concerns about recent Chinese actions that may undermine progress.
Chinese officials have not yet confirmed when the country will fully meet its Busan obligations; the U.S. maintains that it will monitor the situation and adjust its own tariff policies accordingly.
