Dear Focus Reader,

U.S. and Chinese trade officials held an "in-depth and constructive" video call on December 5 focused on outstanding trade agreements, following recent meetings between Presidents Xi Jinping and Donald Trump—including an unexpected call between the two leaders on November 24.

Trump said last week's conversation with Xi was "very good," and that the leaders discussed expanded U.S. agricultural exports. That conversation followed and reinforced the October 30 Busan framework, where the two sides agreed to resume Chinese purchases of U.S. soybeans and ease rare-earth export curbs, alongside tariff adjustments, as part of a tactical trade truce.

In today's meeting between trade officials, including U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng, Beijing reiterated that China is meeting the commitments laid out in the recent trade agreement in efforts to stabilize commercial ties. Officials from both sides agreed that implementation is "on track."

The call also followed remarks made by Greer earlier this week, saying Washington is seeking a more "balanced" trade relationship with China, while also emphasizing that the administration does not want a "full-on economic conflict." Additionally, he noted that U.S. imports from China "probably need to be smaller," which drew responses from Chinese trade analysts who cautioned against artificially reducing the flow of goods.

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