“China has agreed to purchase 12 million tons of soybeans this season and, in the next three years, will buy a minimum of 25 million tons per year,” stated Bessent in an interview with Fox Business, following the announcement of an agreement between U.S. President Donald Trump and Chinese President Xi Jinping.
The secretary detailed one of the agreements reached between the two leaders after their meeting in South Korea, stating that China will resume purchasing American soybeans, a trade halted due to the trade war initiated by Trump.
In 2024, China purchased approximately 27 million tons of soybeans from the United States.
The Chinese Ministry of Commerce, for its part, only indicated that it would increase the purchase of American agricultural products, without providing further details.
Scott Bessent further revealed that trade agreements have also been signed with Southeast Asian countries to purchase 19 million tons of American soybeans.
“Our major soybean producers, whom the Chinese used as political pawns, are no longer in danger and are expected to thrive in the coming years,” declared the Treasury Secretary, who recently identified himself as a “soybean producer,” implying he owns farmland.
“This agreement is the culmination of that process and sets in motion significant purchase contracts for the next three and a half years,” he concluded.
