Suryaa International Desk: The United States and China have agreed to continue bilateral trade negotiations. This development follows pressure from Washington for Beijing to immediately implement the terms of a trade agreement previously reached in Busan, South Korea. Despite ongoing disagreements regarding the purchase of rare minerals and agricultural products, both nations have opted to maintain the dialogue process.
A high-level virtual meeting was held between US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng. During the session, Washington demanded that China fully implement the commitments made in the Busan agreement. The US Treasury stated that the progress of bilateral relations depends on results rather than words.
Under the Busan peace agreement reached between US President Donald Trump and Chinese President Xi Jinping last October, China agreed to ease export restrictions on rare minerals and increase purchases of American soybeans. The US has expressed objections regarding China's lack of progress on purchasing agricultural products other than soybeans, as well as the imposition of restrictions on the supply of key minerals such as yttrium, which is used in the production of missiles and jet engines.
The Chinese Ministry of Commerce stated that it would purchase additional agricultural products only if both countries implement tariff reductions on goods valued at $30 billion. Analysts suggest these trade discussions may help reduce tensions ahead of the upcoming face-to-face meeting between President Trump and President Xi Jinping at the Asia-Pacific Economic Cooperation summit in Shenzhen.