China will buy 12 million tons of US soybeans this year

The United States Treasury Secretary announced that he will purchase 12 million tons of soybeans before next January, and another 25 million tons annually over the next three years. “The Chinese have agreed to buy 12 million tons of soybeans during this harvest, between now and January, and then, during the next three years, they will buy a minimum of 25 million tons per year”, declared Bessent in an interview with the broadcaster “Fox Business” after an agreement was announced between the US president, , and his Chinese counterpart, . The secretary detailed one of the agreements reached between both leaders, after their meeting in South Korea, for China to resume the purchase of American soybeans suspended by the trade war started by Trump.

In 2024, China purchased about 27 million tons of American soybeans. The Chinese Ministry of Commerce, in turn, limited itself to indicating that it will increase the purchase of American agricultural products, without going into details. In addition to providing data on the agreement with China, Bessent guaranteed that trade agreements were also signed with Southeast Asian countries to purchase 19 million tons of American soybeans.

“Our large soybean producers, which the Chinese used as political pawns, are no longer in danger and should prosper in the coming years”, declared the secretary, who a few days ago defined himself as a “soybean producer”, implying that he owns cultivated land. “This agreement is the culmination of all of this and sets in motion major purchase agreements for the next three and a half years,” he added.

In addition to soybean purchases, the leaders of the two world powers agreed to reduce the trade war by reducing tariffs on China for fentanyl, halting Beijing’s restrictions on rare earth exports – although Trump considered them “resolved” – and suspending mutually imposed port fees for a year.

*With information from EFE
Published by Fernando Dias