{"id":102356,"date":"2025-10-26T19:03:09","date_gmt":"2025-10-26T19:03:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/102356\/"},"modified":"2025-10-26T19:03:09","modified_gmt":"2025-10-26T19:03:09","slug":"china-will-make-substantial-purchases-of-u-s-soybeans-and-should-avoid-100-tariff-bessent-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/102356\/","title":{"rendered":"China will make ‘substantial’ purchases of U.S. soybeans and should avoid 100% tariff, Bessent says"},"content":{"rendered":"

Treasury Secretary Scott Bessent signaled on Sunday that the U.S. and China will significantly de-escalate their trade war under a framework he negotiated.<\/p>\n

In an interview on CBS News\u2019 Face the Nation with Margaret Brennan<\/a>, Bessent said an additional 100% tariff that President Donald Trump threatened earlier this month is \u201ceffectively off the table,\u201d along with China\u2019s rare earth restrictions. <\/p>\n

\u201cSo I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime,\u201d he said.<\/p>\n

Trump and Chinese President Xi Jinping are scheduled to meet Thursday on the sidelines of a regional economic conference in South Korea, where they will determine the final details of a deal.<\/p>\n

Bessent said Trump\u2019s 100% tariff threat, which would have boosted the overall rate above 150%, created significant leverage during the talks in Malaysia with Vice Premier He Lifeng over the weekend.<\/p>\n

The two sides also discussed American agricultural exports to China and Beijing\u2019s role in helping curb the fentanyl trade.\u00a0<\/p>\n

Farmers have been warning of an economic crisis in rural America<\/a> as crop prices fall and costs remain high, while China has held off on buying any U.S. soybeans this harvest season, despite traditionally being their top export market.<\/p>\n

Bessent declined to give specific details but said soybean farmers will be \u201cextremely happy with this deal for this year and for the coming years.\u201d<\/p>\n

He added that a recent Chinese purchase of soybeans from Argentina<\/a> had been planned before the U.S. extended a currency lifeline to Buenos Aires but was timed to take advantage of a drop in export duties.<\/p>\n

\u201cThose soybeans were always going to be on the market. It\u2019s a global market. The three leading suppliers are Brazil, Argentina and the U.S.,\u201d Bessent said. \u201cAnd I believe that we have brought the market back into equilibrium, and I believe that the Chinese will be making substantial purchases again.\u201d<\/p>\n

While he indicated China will ease its export controls on rare earths, Bessent suggested U.S. restrictions will remain.<\/p>\n

When asked about limits on chip exports and curbs on Chinese investments in the U.S., he replied, \u201cThere have been no changes in our export controls.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Treasury Secretary Scott Bessent signaled on Sunday that the U.S. and China will significantly de-escalate their trade war…\n","protected":false},"author":2,"featured_media":102357,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,607,65,219,111,139,69,7678],"class_list":{"0":"post-102356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-china","10":"tag-donald-trump","11":"tag-economy","12":"tag-new-zealand","13":"tag-newzealand","14":"tag-nz","15":"tag-tariffs-and-trade"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/102356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=102356"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/102356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/102357"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=102356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=102356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=102356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}