China will buy 12 million metric tons of U.S. soybeans by January, Treasury Secretary Scott Bessent said. The U.S. exported 27 million metric tons of soybeans to China last year.
Bessent spelled out some of the details of the trade deal in a Thursday interview on Fox Business Network’s Mornings with Maria. Bessent traveled with President Trump to South Korea for negotiations with Chinese leader Xi Jinping.
China has used its soybean purchases as a lever of influence in the talks. It switched its purchases from U.S. farmers to exports in Argentina and Brazil earlier this year. Farmers have objected that the U.S. is providing financial assistance to Argentina while Americans suffer the side effects of the trade war.