(WASHINGTON D.C.) — On Thursday morning, U.S. Treasury Secretary Scott Bessent announced that China has agreed to agricultural purchases from the United States, including 12 million metric tons of soybeans this season.
In an interview with Fox Business, Bessent laid out details of a U.S./China agreement that could be signed as early as next week. “The Kuala Lumpur agreement was finished in the middle of the night last night, so I expect that we will exchange signatures possibly as soon as next week,” according to Bessent.
The Treasury Secretary, during his interview, announced that China has agreed to “massive amounts of agricultural purchases” in this agreement, including 12 million metric tons of soybeans between now and January and a minimum of 25 million metric tons of soybeans annually for the next three years. “So our great soybean farmers, who the Chinese used as political pawns, that’s off the table, and they should prosper in the years to come,” Bessent said.
Bessent added that the U.S. has trade deals with other countries, including in Southeast Asia, who have agreed to buy another 19 million metric tons of U.S. soybeans. However, no specific details were given by the Treasury Secretary.
Axios is reporting that last year, China bought $13 billion worth of U.S. soybeans and the levels described by Bessent for the next three years would be roughly on par with what China imported annually in the recent past.
This is a developing story. Please check back for updates.
