The key facts

  • Bessent and Greer called on China on November 6 to fully and immediately fulfill its obligations under the 2025 Busan agreement
  • Special emphasis was placed on agricultural purchases, rare earth metals, and other critical materials
  • He Lifeng expressed 'serious concern' regarding recent US trade restrictions

Washington's demand ahead of the APEC summit

On Friday, November 6, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer held a video conference with Chinese Vice Premier He Lifeng, who oversees trade negotiations with Washington. The US side urged Beijing to 'fully and immediately' fulfill its obligations under the 2025 trade agreement concluded in Busan, South Korea. This was reported by Anadolu Agency citing a statement by Bessent on the X social network and an official report from the Treasury Department.

What exactly is being discussed

As Deutsche Welleclarifies, Greer emphasized the 'critical importance' of concrete actions by Beijing to fulfill previous commitments, particularly regarding purchases of agricultural products, rare earth metals, and other critical materials. Under the terms of the Busan agreement, reached by Trump and Xi Jinping on the sidelines of the APEC summit in October 2025, the US limited tariffs on Chinese goods to approximately 20%, China committed to purchasing 25 million metric tons of American soybeans over three years, and suspended new export restrictions on rare earth metals, which are vital for the technology sector. The Trump administration had previously complained that Beijing was not fulfilling its supply obligations.

Beijing's position and what comes next

For its part, He Lifeng expressed 'serious concern' regarding recent US trade restrictions, according to the Chinese state agency Xinhua, which did not specify which measures were being discussed. According to Xinhua, both sides agreed to 'strengthen cooperation' and 'properly manage differences' for the sake of stable trade relations. After the call, Bessent wrote on X that progress depends on 'concrete results' and that the US will closely monitor the implementation of the agreement. Initially, the truce was set for one year, but in September, when Trump hosted Xi at the White House, it was extended until January 10 of the following year. The next meeting between the two leaders is expected at the APEC forum in Shenzhen on November 18–19. Additionally, China confirmed for the first time that it is discussing a trilateral meeting between Xi, Trump, and Vladimir Putin on the sidelines of the summit: as Chinese Foreign Ministry spokesperson Mao Ning stated at a briefing, Beijing is 'communicating with relevant parties' about a meeting of the three heads of state.