Washington (Reuters) – The Trump administration expects to announce an aid package for U.S. farmers within two weeks and an agreement on soybean purchases from China, U.S. Agriculture Secretary Brooke Rollins said on Monday (24), without providing further details.
President Donald Trump’s administration has said for months that it would provide aid to farmers hit by low crop prices and trade disputes, but has not yet released any plans or amounts for the aid.
U.S. farmers have lost billions in soybean sales this year as top buyer China has turned to Brazil and Argentina amid tense trade talks with Washington.
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“We’ll have an announcement probably in the next week or two about what that’s going to look like,” Rollins, secretary of the U.S. Department of Agriculture, told CNBC about the aid to farmers.
In October, after Trump met with Chinese President Xi Jinping in South Korea, China reportedly agreed to buy 12 million metric tons of U.S. soybeans by January, according to the Trump administration.
China bought about 1.6 million metric tons of soybeans in three days last week, the most in a single week in two years, boosting prices of the commodity.
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Asked about China’s commitments to buy U.S. soybeans, Rollins said: “We have a significant way to go.”
“I know they are closing the deal this week or next,” Rollins said, adding that he was confident China would honor its purchase commitments.
“All signs are that the commitment remains true, that they will actually buy, or acquire, 12 million metric tons or order it,” she said.
“Even if the purchase order arrives before the end of December, they will be moved early next year,” he added.
Trump said in a Monday post on Truth Social that he and Xi had discussed soybeans and other agricultural products in a phone call and that they had “made a good and very important deal for our Big Farmers.”
The Chinese embassy did not immediately respond to a request for comment.
