US Treasury Bessent says him and USTR Greer spokes with China's VP He Lifeng, emphasized that we expect Beijing to fully meet its commitments on rare earths and US agricultural products
- We also discussed implementation of the Trade and Investment Boards as a mechanism to secure concrete progress toward a more balanced, fair, and constructive U.S.-China economic relationship.
Calls at this level between the US Treasury and USTR and China's vice premier for economic affairs are the standard maintenance channel of the bilateral trade truce, and readouts that publicly name specific commitments, here rare earths and US agricultural purchases, have historically signalled friction over implementation rather than a breakdown. The mention of rare earths carries particular weight given China's past use of export licensing and shipment delays on critical minerals as leverage, which has made rare earth and magnet supply chains the most sensitive tell in these exchanges; any follow-through typically shows first in customs and licensing data rather than in official statements. Agricultural purchase commitments are the other recurring fault line, with prior episodes following a pattern of public reminders, quiet purchase activity by Chinese buyers, then reassessment at the next ministerial contact. The reference to Trade and Investment Boards fits the established sequence of institutionalising the truce through working mechanisms, a step that in comparable phases has preceded either a leader-level meeting or, when commitments slip, renewed tariff threats. What is worth watching is whether Beijing's commerce ministry issues its own readout with matching language, since divergent accounts of the same call have been a reliable early indicator of deterioration.