Treasury Secretary Scott Bessent Urges China to Fulfill Busan Agreement Commitments Amidst Trade Truce Extension
Treasury Secretary Scott Bessent has pressed Chinese Vice Premier He Lifeng to "fully and immediately" implement China's commitments under the Busan Agreement. This comes as the U.S. and China have agreed to extend their bilateral trade truce, which includes a pause on tit-for-tat tariff measures and deferred rare earth export curbs, until January 10. The extension was formalized by China's Ministry of Commerce and the U.S. Department of Commerce's Bureau of Industry and Security (BIS) regarding the suspension of the Affiliates Rule. Despite the extension, Secretary Bessent and U.S. Trade Representative Jamieson Greer have expressed concerns about China's adherence to its pledges, particularly concerning agricultural purchases and critical minerals.
