On Friday, December 5, the US Secretary of the Treasury Scott Bessent, Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng held a video call to discuss trade issues and continue implementing the consensus reached between the US and China at the G20 summit in South Korea.
Bessent posted on social media platform X saying that the call on Friday was “constructive”, discussing the “ongoing implementation” of the consensus reached by US President Trump and Chinese Communist Party leader Xi Jinping in Busan, South Korea, and that progress is smooth.
“I also reiterated the United States’ commitment to continue engaging with China,” Bessent said.
According to reports from the Chinese state media Xinhua, the call focused on implementing the important consensus reached during the China-US summit in Busan and their November 24 call, and had in-depth and constructive exchanges on the next steps in practical cooperation and proper resolution of mutual concerns in the economic and trade fields.
On Wednesday, December 3, Bessent stated that China is ready to fulfill its commitments under the US-China agreement, including purchasing 12 million tons of soybeans. He mentioned that this transaction is expected to be completed by the end of February 2026.
A shipping schedule seen by Reuters on Tuesday, December 2, indicates that the transportation of US agricultural products to China is accelerating. At least six bulk cargo ships are planned to load soybeans at ports along the Gulf of Mexico and head to China by mid-December.
Due to growing concerns in the market that China may not meet the target of purchasing 12 million tons of soybeans, benchmark soybean futures at the Chicago Mercantile Exchange fell for the third consecutive trading day on Wednesday. However, the latest soybean deliveries have alleviated some traders’ worries.
On October 30, Trump and Chinese Communist Party leader Xi Jinping met in Busan, South Korea. China agreed to postpone the implementation of rare earth export controls for one year, while the US agreed to delay the enforcement of measures to blacklist thousands of Chinese companies in the Department of Commerce’s export control list. The US also agreed to lower tariffs on China in exchange for Beijing’s crackdown on illegal fentanyl trade, resuming purchases of US soybeans, and ensuring a smooth flow of rare earth exports.