US presses China to honor Busan trade truce as rare earth shipments fall short.

The US is pressing China to immediately fulfill the commitments Presidents Donald Trump and Xi Jinping made in Busan, South Korea, in October 2025.

Treasury Secretary Scott Bessent said he and US Trade Representative Jamieson Greer raised concerns with Chinese Vice Premier He Lifeng and stressed that further progress depends on concrete results.Rare earths are the sticking point.

US officials told the Financial Times that China has fulfilled only about two-thirds of its commitments and has failed to increase supply as Washington expected.

Beijing disputes the US assessment.

One material in focus is yttrium, used in jet engines and missiles.

The FT reports that Chinese export restrictions are affecting Japanese suppliers that serve US manufacturers.What did the two sides agree to in Busan?Rare earths and critical minerals.

China agreed to suspend the broader export controls it announced in October 2025 and issue general export licenses for rare earths, gallium, germanium, antimony and graphite for US end users and their suppliers worldwide.Agriculture.

China agreed to buy at least 12 million metric tons of US soybeans in the final two months of 2025 and at least 25 million metric tons annually from 2026 through 2028.

Continue reading at the original source →