Treasury Secretary Scott Bessent this week said China has committed to purchasing 12 million metric tons of U.S. soybeans this year and 25 million metric tons in each of the next three years.
The announcement was made in the wake of a weeklong trip Bessent has taken with President Trump to various Asian countries. President Trump said tariffs on Chinese goods would be lowered as part of the agreement.
“What I would expect is, as President Trump did in 2020, after President Xi had agreed to the phase one deal, he called him regularly and got him to buy more, and that number went up much higher,” Bessent said.
Between 2019 and 2020, upon the signing of the China-U.S. “Phase One Deal,” Chinese soybean imports rose more than 50 percent, to top 34 million metric tons, according to USDA. Purchases decreased in subsequent years to around 26 million metric tons before ceasing altogether in 2025.
Other trade deals were also announced with Malaysia and Cambodia.
