China has agreed to purchase 25 million metric tons of U.S. soybeans annually as part of an agreement reached by its leaders, Treasury Secretary Scott Bessent said Thursday.
Bessent said China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January.
President Donald Trump met with Chinese leader Xi Jinping on Thursday, the final day of a trip to Asia that was an opportunity for the leaders of the world’s two largest economies to stabilize relations after months of turmoil over trade issues.
Other news from Trump’s trip to Asia:
- Trump announces plans to lower tariffs on China: The president told reporters aboard Air Force One that the U.S. would lower tariffs implemented earlier this year as punishment on China for its selling of chemicals used to make fentanyl from 20% to 10%. That brings the total combined tariff rate on China down from 57% to 47%.
- Nuclear weapons testing: Trump appeared to suggest the U.S. will resume testing nuclear weapons for the first time in three decades, saying it would be on an “equal basis” with Russia and China. Trump offered few details but made the announcement on social media minutes before he met with Xi.
- No TikTok deal yet: Beijing said it will work with the Trump administration to resolve issues related to TikTok’s ownership. It gave no details on any progress toward resolving the app’s fate in the U.S. The Trump administration had been signaling that it may have finally reached a deal with Beijing to keep TikTok running in the U.S.
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