US Treasury Secretary Bessent discusses trade with China ahead of summit — South China Morning Post
US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held a telephone call with Chinese Vice Premier He Lifeng ahead of the planned meeting between US President Donald Trump and Chinese President Xi Jinping in Shenzhen. The sides are finalizing preparations for talks due to take place this month, South China Morning Post reports.
US demands regarding the agreements
According to the US Treasury Department, Bessent stressed the need for China to fully and immediately fulfill the commitments undertaken in Busan. He also expressed concern over Beijing’s recent actions and noted that further progress would depend on concrete results in implementing the agreements.
The US agency did not specify which actions by China were a source of concern. Washington had previously raised the issue of rare earth exports and urged Beijing to expedite approval of supplies of these strategic minerals.
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Trade truce
Bessent and He Lifeng last met ahead of Xi Jinping’s state visit to Washington in September. They then agreed to extend by two months the trade agreement reached in South Korea, until January 10, 2027. Its initial one-year term had been set to end on November 10, 2026.
The agreement reached in Busan in October 2025 provided for the United States to reduce tariffs on part of Chinese imports and suspend additional trade restrictions. China, for its part, suspended some export restrictions on rare earth metals, agreed to buy US soybeans, and to limit exports of chemicals used to manufacture fentanyl.
On the eve of the call, China’s Ministry of Commerce said it was ready to expand purchases of US agricultural products provided that agreements on mutual tariff reductions for goods worth $30 billion from each side are implemented. The Trump-Xi meeting on the sidelines of the APEC summit in Shenzhen is set to be their third in-person talks this year.
