Treasury Secretary Scott Bessent said China has agreed to buy 12 million metric tons of U.S. soybeans this year and at least 25 million tons annually for the next three years, following renewed trade talks between President Donald Trump and Chinese President Xi Jinping.
Those volumes are in line with China’s typical import levels, though Bessent suggested total purchases could climb higher if Trump personally encourages additional buying. The move could help ease concerns about a soybean storage surplus in the United States, as the 2025 soybean harvest is on track to be the second largest on record and the nation’s biggest buyer had halted purchases in May.
The current 20% tariff premium on U.S. soybeans has pushed Chinese buyers toward Brazilian suppliers, who have expanded production to meet the increased demand. China only recently resumed limited U.S. purchases — about three cargoes for December–January shipment, according to a Reuters report. A broader recovery in U.S. soybean sales may hinge on Beijing rolling back tariffs imposed earlier this year.
The agreement comes as the U.S. and China move toward finalizing a “Kuala Lumpur” trade deal, which could be signed as early as next week. Both nations also announced temporary suspensions of certain tariffs and export controls as part of a broader effort to stabilize trade relations.
