America anticipates that China will commit to purchasing agricultural goods valued in the “double-digit billions” following a presidential meeting between Donald Trump and Xi Jinping in Beijing, according to U.S. Trade Representative Jamieson Greer, who made the announcement Friday.
Greer referenced the existing agreement from last October involving 25 million metric tons of soybeans annually and indicated America also anticipates “see an agreement for double-digit billion purchases of ags over the next three years per year coming out of this visit.”
“And that’s more general, that’s aggregate. That’s not just soybeans, that’s everything else,” he explained during a Bloomberg Television interview.
China represents the world’s largest purchaser of soybeans, which rank as America’s top agricultural export to the nation, and these crops have remained central to trade discussions throughout both Trump presidencies.
Leading up to the summit, financial markets had not expected Beijing to increase the soybean commitment above the current 25 million ton level, an outlook supported by remarks from U.S. Treasury Secretary Scott Bessent on Thursday indicating the current arrangement addressed the matter.
