Trump says China to purchase ‘tremendous amounts’ of US soybeans

US President Donald Trump announced on Thursday that China has committed to purchasing a “tremendous” volume of American soybeans and other agricultural products immediately, following his summit with Chinese leader Xi Jinping in South Korea.

The announcement came as President Trump concluded what he called a “great success” of a meeting with Xi, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

According to Trump, the agreement marks a significant step toward stabilising relations between the world’s two largest economies, which have been strained by trade disputes.

“We’re in agreement on so many elements—tremendous amounts of soybeans and other farm products are going to be purchased immediately,” President Trump told reporters aboard Air Force One. However, the President did not offer specific figures or a timeline for the volume of purchases.

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The pledge to resume large-scale buying provides potential relief for American farmers, who have been impacted by China’s previous halts on US agricultural imports, which were used as a key bargaining chip in trade negotiations.

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The positive news on farm trade accompanied several other concessions announced by President Trump from the meeting, including a reduction in his proposed tariffs on Chinese imports and a one-year, extendable deal on the supply of crucial rare earth elements.

Following the President’s announcement, soybean futures in Chicago saw a reaction, though broader market sentiment appeared to cool tensions sparked by previous trade war threats.