US and China voice trade concerns in call ahead of APEC summit in Shenzhen

Treasury Secretary Scott Bessent and USTR Jamieson Greer spoke with Vice Premier He Lifeng on November 6 about commitments made a year ago. Both sides called the talks frank and constructive, but each raised complaints about the other's actions.

What happened

On November 6, 2026, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer spoke with Chinese Vice Premier He Lifeng. The call took place ahead of the APEC meeting in Shenzhen on November 18–19 [1]. The main subject was economic commitments that are about a year old [1].

Washington pressed for immediate implementation of the Busan accord. It also flagged recent Chinese actions [1]. Beijing said it had serious concerns about US restrictive measures. It also opposed Cuba-related sanctions that hit two Chinese firms [1].

Both sides described the discussion as frank and constructive. Both also pledged to manage their differences [1]. The call was therefore a managed exchange of grievances, not a breakdown. It is not yet known which specific Chinese actions Washington flagged, or what response Beijing gave on implementing the Busan accord.

How we got here

The relationship has moved through a series of high-level contacts this year. In January, analysts argued that President Donald Trump's moves on Venezuela, Greenland and Iran were tied to a single aim. That aim was countering China's dominance in critical minerals and energy supply chains [2]. The same analysts said markets had largely shrugged off the military threats [2].

On February 5, Trump and Chinese President Xi Jinping held a long phone call. Beijing described Taiwan and US arms sales as the most important bilateral issue, while Trump stressed commercial ties [3]. China agreed to increase US soybean purchases to 20 million tonnes this season and 25 million next season [3].

By February 23, the US Supreme Court had invalidated Trump's broad tariffs. It ruled that he wrongly invoked the International Emergency Economic Powers Act [4]. Analysts said this weakened his negotiating leverage before a planned Beijing summit. They also said it could complicate efforts to extend a prior trade truce [4].

A Beijing summit followed in mid-May, after preparatory talks in Seoul [5]. Its agenda spanned trade, Taiwan arms sales and the Iran-Hormuz crisis [5]. Afterward, the White House said China had agreed to purchase at least $17 billion of US agricultural goods annually through 2028. It also said China would address American access to rare earths [6]. China's Commerce Ministry gave fewer specifics, which pointed to differing messaging on the depth and scope of the outcomes [6].

In late August, tension rose over Iran. On August 24, Bessent unveiled "Operation Economic Outcast". The campaign pressures Iran's trading partners to cut commercial ties or lose access to the US financial system [7]. Commentators said credibility would depend on whether Washington targeted major Chinese financial institutions and oil buyers [7]. One analysis said China and Pakistan had publicly refused to comply [8]. It also warned that sanctioning major Chinese banks could trigger rare-earth export restrictions ahead of a November 2026 deadline [8].

Diplomacy continued regardless. On September 20, Bessent met He Lifeng in New York, with rare earths, tariffs and artificial intelligence on the agenda [9]. China's Commerce Ministry later said the teams had reached consensus on several issues in the eighth consultation round. These included reciprocal tariff reductions, trade and investment councils, and extending the Kuala Lumpur arrangements [10]. That session also included the first US-China dialogue on AI [10]. It came ahead of Xi's US visit and the September 24 summit in Washington [9][10].

Why it matters for markets

The November 6 call shows that the autumn understandings have not settled the dispute. The US wants faster implementation of the Busan accord, and China objects to US restrictive measures and sanctions on its firms [1]. If the dispute widened, it could revive uncertainty over the tariff reductions and the extended arrangements agreed in September [10].

The rare-earth question is a possible channel. The White House said in May that China had agreed to address American access to rare earths [6]. One commentator linked possible Chinese export restrictions to a November 2026 deadline and to sanctions on Chinese banks [8]. This analysis predates the latest call. The call itself did not mention rare earths [1]. Any effect on supply chains would therefore depend on steps not yet reported.

The tone of the call limits how far the concern can be pushed. Both sides called the talks constructive and said they would manage their differences [1]. Absent new measures, the call by itself points to continuity in the process. It does not point to a rupture.

What to watch

• The APEC meeting in Shenzhen on November 18–19, and whether it produces visible progress on the Busan accord [1].
• Any detail on the recent Chinese actions Washington flagged, and on the US restrictive measures Beijing criticised [1].
• Whether the Cuba-related sanctions on two Chinese firms prompt a formal response from Beijing [1].
• Whether the Iran-related pressure campaign extends to Chinese banks or oil buyers, a step that commentators have linked to the risk of rare-earth restrictions [7][8].
• Follow-through on the September understandings, including reciprocal tariff reductions, the trade and investment councils and the extension of the Kuala Lumpur arrangements [10].
• Whether the agricultural purchase commitments announced in May are visible in trade flows, given Beijing's thinner public account of them [6].

Sources

1. World News: Latest International News & Updates | The Hindu: Top U.S., China officials raise trade 'concerns' as APEC approaches, 07 Nov 2026
2. US Top News and Analysis: Trump's playbook on Greenland, Venezuela, and Iran is about taking on China, analysts say, 14 Jan 2026
3. US Top News and Analysis: China's Xi reasserts Taiwan stance in call with Trump, while U.S. president pushes trade, 05 Feb 2026
4. US Top News and Analysis: China’s leverage rises before high-stakes summit as Supreme Court curbs Trump tariffs, 23 Feb 2026
5. US Top News and Analysis: Five things to watch in Asia as Trump prepares to meet China's Xi this week, 12 May 2026
6. US Top News and Analysis: White House touts deals on soybeans and rare earths after Trump-Xi summit, while China talks up tariff cuts, 18 May 2026
7. Oilprice.com: Can Trump Isolate Iran Without Triggering a Clash With China?, 25 Aug 2026
8. Al Jazeera: The looming failure of Operation Economic Outcast, 31 Aug 2026
9. US Top News and Analysis: Bessent meets China Vice Premier He Lifeng ahead of Trump-Xi summit, 20 Sep 2026
10. World News Today: International News Headlines: China, U.S. reach consensus on multiple economic and trade issues: Chinese Commerce Ministry, 24 Sep 2026

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Provenance

• Study: event-desk-20261108-us-and-china-voice-trade-concerns-in-call-ahead-of-apec-summ (5562eebb-456b-4c8d-a6d6-bb702418593f)
• Author: FinUties Research
• Approved by: FinUties Research at 2026-11-08T23:07:26.419137Z
• Kind: event brief (news sources, not a FinUties dataset study)
• Cited sources: 10 from 4 outlets, all licensed for public use

• Earlier related events cited from 2026-01-14

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