According to US Treasury Secretary Scott Bessent, the country has received positive commitments from China on the purchase of US agricultural products.
In an interview with Fox News, Mr. Bessent said China has agreed to buy 12 million tons of US soybeans in the current crop year running through January 2026 and committed to buying 25 million tons each year for the next three years.
Immediately after this information, soybean futures on the Chicago Mercantile Exchange jumped more than 1.3%. According to Mr. Bessent, Southeast Asian countries have also agreed to buy about 19 million tons of soybeans from the US.
Just before the summit, China also resumed buying three shipments of US soybeans, the first time in months as trade tensions heated up between the two countries.
By the time Mr. Trump and Mr. Xi Jinping met in South Korea, China had virtually frozen soybean imports from the United States for the 2025 export season. Soybeans are the largest agricultural export of the United States, and China is the leading consumer market.
Imports of 12 million tonnes in the 2025 season would represent a significant decline compared to recent years. However, a commitment to import levels of 25 million tonnes per year over the medium term would bring trade back closer to normal levels.
The US will export about 27 million tonnes of soybeans to China in 2024. This new commitment is still lower than the post-phase one US-China trade deal in 2020, when US exports to China reached 34.2 million tonnes.
Source: https://vtv.vn/trung-quoc-se-mua-12-trieu-tan-dau-tuong-my-100251031091954121.htm
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