On Friday, 6 November 2026, U.S. Treasury Secretary Scott Bessent travelled to Seoul to meet Chinese Vice Premier He Lifeng, as part of a U.S. effort to press Beijing to fully implement commitments made under the Busan trade agreement.
In a statement issued by the U.S. Department of the Treasury, Secretary Bessent emphasised that “continued progress depends on concrete results” and that the United States would closely assess China’s implementation of the arrangement. The meeting was a follow‑up to the 2026 Busan deal, negotiated between former U.S. President‑in‑office Donald Trump and former Chinese President‑in‑office Xi Jinping, which was designed to reduce tariffs and lift certain technology restrictions that had escalated during the tit‑for‑tat trade war.
Al Jazeera reported that the U.S. officials highlighted the need for China to act on its promise to cut tariffs and that progress would hinge on "concrete actions," particularly regarding tariff cuts and agricultural imports. The outlet noted that China has said it is willing to buy more U.S. farm goods if it sees reciprocal implementation of the deal.
Chinese officials, through spokesperson Huang Ling of the Ministry of Commerce, said “China has consistently been open to expanding purchases of agricultural products from the U.S., but only on the condition that the two sides implement their agreed ’30 billion for 30 billion’ reciprocal tariff‑reduction arrangement.” This statement came after China sign‑posted its willingness to increase imports of U.S. agricultural goods, a key component of the Busan pact.
Under the agreement, the U.S. pledged to cut tariffs worth about USD 60 billion, including USD 17 billion worth of U.S. farm goods. In May, the U.S. announced that Beijing had agreed to purchase USD 17 billion of U.S. agricultural goods annually from 2026, with the target for each year set on a prorated basis. These purchases were to be in addition to a commitment made last October to buy U.S. soybeans.
The “30 billion for 30 billion” framing refers to reciprocal tariff reductions committed by each side, a cornerstone of the Busan deal. The U.S. Treasury’s statement underlined the Administration’s aim to continue pursuing trade policies that benefit American workers, farmers and businesses, while sustaining U.S. economic and national security interests.
Both sides have reiterated that the path forward requires each to honour its obligations. The U.S. Treasury’s assertion that it will assess China’s implementation signals a willingness to adjust its approach based on China’s concrete steps, while the Chinese Ministry’s conditional willingness to deepen U.S. farm imports signals a potential opening if the U.S. reciprocates.
The meeting in Seoul thus crystallised a point of contention: whether China will act on the Busan commitments or whether the U.S. will maintain pressure until China follows through. The United Nations has observed that implementation of trade agreements is often a dynamic process, and this dialogue is a key indicator of the current status of the U.S.-China trade relationship.
