Chinese purchases of US soybeans are “on schedule”, US Treasury Secretary Scott Bessent said on Tuesday, citing an agreement for Beijing to buy 87.5 million tons of the US grain over the next three and a half years.
The US and China will always be natural rivals, Bessent said in an interview with CNBC, but the relationship between the two countries is in a good place.
On Monday, President Donald Trump called relations with China “extremely strong” after a call with Chinese leader Xi Jinping. The call came weeks after the two leaders met in South Korea, where they agreed on the design of a trade agreement that has not yet been finalized.
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Trump and Xi could have four meetings next year, Bessent said. Trump will be able to attend the annual Asia-Pacific Economic Cooperation summit, which will be hosted by China in 2026, while Xi will be in the United States for the annual G20 meeting.
The two leaders will also make state visits to each other’s countries, Bessent said.
