In brief
U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng on 6 November 2026 to urge China to honor its Busan trade deal commitments, emphasizing the need for concrete tariff cuts and agricultural imports. China said it would buy more U.S. farm goods only if Beijing fulfills its reciprocal obligations. Whether China will meet the deadlines or how the reciprocal ‘30 billion for 30 billion’ arrangement will be implemented remains unclear.
On Friday, 6 November 2026, United States Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng to push Beijing to fully implement commitments made in the Busan trade agreement. The dialogue, held in a quiet setting, underscored the importance of concrete actions from both sides to keep the broader deal on track.
During the meeting, Secretary Bessent repeated the key message of the Trump‑Xi Busan deal: that progress hinges on China taking immediate steps in line with what Washington negotiated.
“Secretary Bessent emphasised the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions,”he told the press after the talks.
In response, Beijing’s Ministry of Commerce spokesperson Huang Ling stated that China is ready to expand purchases of U.S. farm products if the reciprocal “30 billion for 30 billion” tariff‑reduction agreement is met. “China has consistently been open to expanding purchases of agricultural products from the US, but only on the condition that the two sides implement their agreed ’30 billion for 30 billion’ reciprocal tariff‑reduction arrangement,” Huang said.
The pact, negotiated after a September visit by President Donald Trump and President Xi Jinping, originally planned $60 billion in U.S. tariff cuts, including $17 billion worth of U.S. farm goods to be purchased annually from 2026. Those purchases were in addition to a commitment made in October to buy U.S. soybeans.
Jeffrey Greer, the U.S. Trade Representative, joined the Secretary in urging Beijing to take decisive action. He highlighted that, for U.S. workers, farmers, and businesses, the deal’s success is tied to China’s implementation.
China’s recent actions on tariff reductions and agricultural imports have prompted U.S. officials to call for a reassessment of China’s commitment. Several U.S. officials noted that any continued progress would depend on China’s concrete results, rather than on statements alone.
The meeting marks another step in a series of U.S. diplomatic efforts to maintain momentum in the Busan agreement. Officials in Washington have said they will closely assess whether China fulfills its side of the reciprocal arrangement, which could affect future trade negotiations.
Among the key questions is when China plans to activate the tariff cuts it committed to in Busan. The timing of these cuts directly affects the purchase schedule for American agricultural goods, particularly the $17 billion annual target beginning in 2026.
Additionally, there is uncertainty about how the “30 billion for 30 billion” framework will operate in practice. While the U.S. aims for specific tariff removals, China has, up to this point, stated it has not yet made tangible moves toward fulfilling the tariff schedule.
U.S. officials have also raised concerns about whether China will meet deadlines for the first tranche of tariff cuts. No official date has yet been set, leaving the implementation timeline open to interpretation.
With both sides acknowledging the importance of moving forward, the U.S. will keep a close eye on Beijing’s next steps, especially any stated or announced purchases of U.S. farm products.
Until China can demonstrate concrete moves—whether in tariff reductions or in new agricultural trade volumes—uncertainties remain regarding how the joint “30 billion for 30 billion” commitment will unfold, when it will be activated, and whether the Busan deal’s broader objectives will be achieved. The outcome of these questions was and remains a subject of ongoing concern in Washington and Beijing alike.
