US-China Finalize Soybean Trade Agreement, Bessent Announces

In a significant development for the agricultural sector, China has finalized a major soybean trade agreement with the United States. The deal, announced by U.S. Treasury Secretary Scott Bessent, involves China committing to purchase 25 million metric tons of U.S. soybeans on an annual basis.

Details of the Soybean Agreement

The agreement marks a positive shift for U.S. soybean farmers. Under the terms, China will initiate its purchases with 12 million metric tons of soybeans expected to be bought between now and January.

Key Points of the Agreement

• Annual Purchases: 25 million metric tons of U.S. soybeans.
• Initial Purchase: 12 million metric tons scheduled before January.
• Duration: The agreement is set for three years.

Bessent emphasized the positive impact this trade deal will have on U.S. soybean farmers, who had previously faced challenges due to political tensions. He expressed optimism about their future prosperity as a result of this agreement.

This agreement is seen as a crucial step in strengthening U.S.-China trade relations, particularly in the agricultural sector. It is expected to bolster the income of American soybean farmers and enhance food security for China.