US-China Trade Pact Puts Farmers Under Officials’ Grip

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer pressed Chinese Vice-Premier He Lifeng on Friday to carry out China’s commitments under the Busan trade agreement. Agricultural purchases, rare earths and critical minerals topped the call’s agenda. The officials are bargaining over trade rules that shape what farmers, manufacturers and workers can sell and obtain. Those affected don’t get a seat in the negotiating room.

Officials Set the Terms

The U.S. Trade Representative's Office said Greer stressed the need for concrete action on agricultural purchases, rare earths and other critical minerals. Bessent wrote on social media, “I emphasized the importance of China fully and immediately honoring its commitments, raised concerns about recent Chinese actions and underscored that progress depends on concrete results.”

The Treasury Department said the United States would “closely assess China's implementation of the arrangement.” Greer said the administration would pursue balanced trade by “monitoring compliance of past commitments while unlocking lasting benefits for American farmers, ranchers, manufacturers, and workers.” Officials talk about compliance and benefits, but governments still hold the leverage to decide what counts as a result.

The agreement, reached in Busan, South Korea, in October 2025, is due to expire on Jan. 10. It capped U.S. tariffs on Chinese goods imposed during Trump's second term at about 20%. China pledged to buy 25 million metric tons of U.S. soybeans for the next three years and increase purchases of other American farm goods by $17 billion.

The White House said in May that China had agreed to buy $17 billion in U.S. agricultural goods annually from 2026, with this year's target adjusted on a prorated basis. Those purchases came on top of the soybean commitment. Farmers’ sales now sit inside a state-to-state bargain, while officials set its deadlines and terms far from the fields.

Minerals, Tariffs and Unfinished Promises

U.S. officials and companies say they’re having difficulty obtaining enough rare earths and other critical minerals under the agreement. The United States said the deal aimed to lift restrictions imposed in 2025, during a period of tariff escalation between the world’s two largest economies.

In an October interview with Bloomberg, Greer said the United States was receiving some rare earths from China, but not at the agreed volume and pace. “We have elements of the Chinese government that are seem quite engaged in making this happen,” he said. “Other elements of Chinese government that are quite bureaucratic.” Bessent previously said some Chinese deliverables “have not been perfect,” citing delays in agricultural commitments, while saying Beijing had been “very fulsome” on U.S. soybean purchases.

China expressed “serious concern” about recent U.S. trade restrictions, according to China's official Xinhua news agency. Xinhua said He, China's lead negotiator on trade relations with the United States, agreed with his U.S. counterparts to continue consultations for the “stable and positive” development of trade ties. In a separate report, Xinhua said the sides held “frank, in-depth, and constructive exchanges” and agreed to strengthen cooperation and manage differences. The governments describe the talks differently. Neither account gives the public a role in setting the terms.

The Straits Times reported that the trade truce had been extended until Jan. 10, while tariff exclusions for certain Chinese products were due to expire on Nov. 10. U.S. officials hadn’t said whether they would extend those exclusions. The Consumer Technology Association and other industry groups said the exclusions were critical to supply chains. Uncertainty had worried financial markets and corporate boardrooms about a prolonged trade war.

Summits, Sanctions and the Limits of the Deal

The Trump administration had sought to avoid an economic confrontation ahead of the Nov. 7 midterm congressional elections, which resulted in a major loss for the president's party. That electoral result sits alongside an arrangement executive officials negotiated and monitor. No change to the agreement’s core terms has been reported.

After a September summit in Washington, the two sides proposed a $60 billion package of reciprocal tariff cuts, including about $17 billion in U.S. farm goods China imported in 2024. The proposal remained unfinished. China's commerce ministry said Thursday that Beijing was open to buying more U.S. farm goods, but only if both sides implemented their reciprocal tariff-cut agreement.

Trump and Xi were expected to meet at the Asia-Pacific Economic Cooperation forum in Shenzhen, China, on Nov. 18 and 19, and at the Group of 20 summit in Miami on Dec. 14 and 15. Bessent had also indicated he might meet He in Shenzhen for further discussions as part of the U.S.-China AI dialogue announced in September. Those planned meetings leave the bargaining in the hands of national leaders and officials.

Separately, China's Ministry of Commerce said Saturday it strongly opposed U.S. sanctions on two Chinese companies over their dealings with a third party and reserved the right to take “necessary measures” to protect its interests. The ministry said recent U.S. sanctions and multiple “discriminatory” restrictions harmed local companies’ rights and undermined stability in economic and trade relations. It urged Washington to “correct its wrong practices” as soon as possible. Governments keep trading demands and threats; workers, farmers and companies remain subject to decisions made above them.