{"text":[[{"start":0,"text":"The US has warned China it must fulfil the terms of the trade war truce Donald Trump struck with Xi Jinping in Busan last year amid frustrations that Beijing is not living up to its commitments on exports of rare earths and other products."}],[{"start":0,"text":"US Treasury secretary Scott Bessent and US trade representative Jamieson Greer delivered the message in a call on Friday morning with He Lifeng, the Chinese vice-premier in charge of trade negotiations with Washington."}],[{"start":0,"text":"“Secretary Bessent emphasised the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions,” the Treasury said in a readout obtained by the FT."}],[{"start":0,"text":"“He underscored that continued progress depends on concrete results and that the US will closely assess China’s implementation of the arrangement,” it added."}],[{"start":0,"text":"The Busan ceasefire, which was agreed in the South Korean port city in October 2025, expires on January 10. When Xi visited Washington in September, the two sides extended the original deadline by two months until January 2027 after negotiators failed to resolve differences between the countries."}],[{"start":0,"text":"One US official said Bessent and Greer made clear that Trump viewed the situation as a “priority” and that China had to live up to its Busan pledges."}],[{"start":89.44,"text":"In a post on X later on Friday, Greer said: “I underscored the critical importance of China taking concrete actions to fully implement its past commitments, particularly as they relate to agricultural purchases, rare earths, and other critical minerals.”"}],[{"start":104.24,"text":"The warning comes two weeks before Trump and Xi are expected to meet in Shenzhen where China is hosting the Asia-Pacific Economic Cooperation summit. The FT reported last week that Xi may host a trilateral meeting with Trump and Russia’s President Vladimir Putin."}],[{"start":118.94,"text":"The trade issue is not expected to be a large part of the Trump-Xi meeting in Shenzhen, but will almost certainly be discussed in more detail when the US and Chinese presidents meet at the G20 in Miami in December."}],[{"start":130.48,"text":"Bessent and Greer are expected to meet their Chinese counterparts in person at some point between Apec and the G20."}],[{"start":136.76,"text":"In September, US officials told the FT that China was only fulfilling two-thirds of its Busan pledge on rare earths. One person familiar with the situation said Beijing had not increased the supply of rare earths since Bessent raised concerns directly with He in New York in September ahead of Xi’s Washington meeting with Trump."}],[{"start":156.8,"text":"China has rejected US claims that it is not fulfilling its commitment on rare earths. The US has concluded that China is upholding pledges on purchases of soyabeans but has not lived up to its promises for other agricultural produce."}],[{"start":170.89,"text":"The US is also concerned about Chinese restrictions on the export of yttrium, a critical rare earth for everything from jet engines to missiles, to Japan, which produces components for products made in America. Japanese companies have warned their government that stockpiles are running dangerously low."}],[{"start":187.8,"text":"Craig Singleton, an expert on US-China relations at the Foundation for Defense of Democracies think-tank, said the Treasury’s warning to Beijing was “pretty pointed diplomatic language”."}],[{"start":198.48,"text":"“Washington appears unwilling to negotiate new concessions until Beijing delivers on existing commitments,” he added. “If the two sides cannot even agree on what they already promised each other, extending the truce could get considerably messier.”"}],[{"start":212.54,"text":"The Chinese embassy in Washington said Beijing would release a statement on the call “in due course”."}],[{"start":218.04,"text":"“The two sides need to move in the same direction, adhere to mutual benefit and win-win results and promote the continued, steady development and improvement of China-US economic and trade ties,” said Liu Chang, the embassy spokesperson."}],[{"start":237.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794018180_3805.mp3"}