By Tom Ozimek
China has agreed to buy 25 million metric tons of American soybeans annually for the next three years—including 12 million tons during the current harvest season through January—Treasury Secretary Scott Bessent said, describing the purchase as part of a broader trade framework reached during President Donald Trump’s Asia trip this week.
In an interview on Fox Business Network’s “Mornings with Maria” on Oct. 30, Bessent said the new commitment follows months of negotiations and reflects a broader thaw in U.S.–China economic relations, adding that the deal was finalized overnight and will be signed possibly next week.
“One of the big parts of this agreement … is the massive amount of agriculture purchases that the Chinese are going to be doing,” Bessent said. “The Chinese have agreed to buy 12 million metric tons of soybeans during this season … and then for the next three years, they’re going to be buying a minimum of 25 metric tons per annum.”
The Treasury chief added that he expects the actual figure to be higher, citing the experience of the “Phase One” U.S.–China trade deal under Trump’s first term, during which talks between Trump and Chinese leader Xi Jinping led to greater purchases of American soybeans than initially pledged.
“We’ve also signed trade deals with countries in Southeast Asia and the rest of the world to buy our soybeans to the tune of another 19 million metric tons,” Bessent said. “Our great soybean farmers, who the Chinese used as political pawns … should prosper in the years to come.”
Bessent said the agreement was one of several key outcomes from Trump’s week-long swing through Asia, which included stops in Malaysia, Japan, and South Korea, culminating in a 100-minute meeting between Trump and Xi in the South Korean port city of Busan.
The Busan meeting, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, produced what Trump described as a broad framework covering trade, energy, technology, and critical minerals.
In a post on Truth Social following the meeting, Trump described his talks with Xi as “truly great,” saying the two leaders reached broad understandings to strengthen economic ties and ease long-standing tensions between Washington and Beijing. Trump said there was “enormous respect” between the two countries and that both sides were “very close” to resolving several key issues.
According to Trump, Xi authorized China to begin purchasing large quantities of U.S. soybeans, sorghum, and other agricultural products, a move Trump said would revitalize America’s farming sector after years of trade friction. He said the deal would make U.S. farmers “very happy” and predicted it would fuel a new wave of investment in agriculture.
Trump also said China agreed to maintain open exports of rare earths, critical minerals, and magnets—materials vital to high-tech manufacturing—and to work closely with U.S. authorities to curb the flow of fentanyl and precursor chemicals into the United States.
Also, Trump said China would begin the process of purchasing American energy, including oil and gas from Alaska, noting that Energy Secretary Chris Wright and Interior Secretary Doug Burgum would meet with Chinese officials to explore what he called a potentially “very large scale” transaction.
China’s Ministry of Commerce said in a statement that the discussions achieved positive results, with both sides agreeing to expand agricultural trade and cooperation in areas such as supply chains and energy. The ministry did not specify details on soybean purchases.
