The US has warned China it must ‘immediately’ implement the terms of the Busan trade deal, amid frustration over Beijing’s failure to increase rare earth exports. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer stressed the urgency in a call with Chinese Vice-Premier He Lifeng. The Busan ceasefire, agreed in October 2025, expires January 10, though it was extended to January 2027.
Trump views the situation as a priority. The warning comes ahead of the Trump-Xi meeting at the APEC Summit in Shenzhen, with further talks expected at the G20 in Miami. The US says China is fulfilling soybean pledges but lagging on other agricultural goods and rare earths, including yttrium exports to Japan.
China denies failing its commitments.
Source: Financial Times Markets · Summarized by HeadlinesBriefing