Bessent and Greer Call He Lifeng, Urge China to Implement Busan Trade Commitments

Nov. 7 — According to Bloomberg, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer held a call with Chinese Vice Premier He Lifeng, expressing concern over China's recent actions and stressing that China must fully and immediately implement the commitments made in an agreement reached in Busan, South Korea, one year ago. Bessent said continued progress depends on concrete results, and that the U.S. will closely assess China's implementation. Greer's office said in a statement that China must take "concrete actions" to honor its commitments, especially on purchases of agricultural products, rare earths and other critical minerals. In addition, U.S. tariff exemptions for some Chinese products expire on Nov. 10, and the U.S. has not indicated whether it will extend them.