United States President Donald Trump said on Thursday (October 30) that China would buy a “huge” amount of soybeans from America after meeting with President Xi Jinping in South Korea to seal a major trade deal with his counterpart.
Donald Trump told reporters that China would begin buying immediately, though he offered no details on the size of the soybean purchases or the timing. “China will start buying immediately,” Trump said.
China’s Ministry of Commerce later said the two countries had agreed to expand trade in agricultural products, without specifically mentioning soybeans.
After meeting with Xi, Donald Trump said: “I had a really great meeting with Chinese President Xi Jinping. There is a tremendous amount of respect between our two countries, and that will only be enhanced by what just happened. We agreed on a lot of things, and others, even very important ones, were very close to being resolved.”
Speaking about China’s purchase of soybeans, the US president said: “I was extremely honored by the fact that President Xi has authorized China to begin purchasing huge quantities of soybeans, sorghum and other agricultural products.”
Amid continued trade tensions with the United States, China has suspended purchases of American soybeans.
US Secretary Scott Bessent said he expected China to make “substantial” purchases of US supplies.
Just days before the summit, Beijing resumed purchases of U.S. soybeans for the first time in months — though the purchases were a fraction of last year’s $12 billion trade. Also read | Trump, Xi praise at US-China meeting in South Korea: ‘Fantastic relationship, tough negotiator’ – key moments
Days after Donald Trump took office, China announced special tariffs on soybeans and other agricultural products in retaliation for additional punitive fentanyl-related tariffs imposed by Washington.
Xi-Trump meeting to break down differences
China has announced that the US will remove an additional 10% tariff on Chinese goods. China would adjust its own countermeasures in return.
In a post on Truth Social, the US president said China had agreed to continue the flow of rare earths, critical minerals, magnets, etc., “openly and freely”.
Donald Trump also said China would “work diligently with the US to stop the flow of fentanyl” into America.
China also agreed to begin the process of buying American energy. In fact, there may be a very large deal to buy oil and natural gas from the Great State of Alaska, Trump said.
