Scott Bessent Says China To Buy 12 Million Tons Of Soybean This Season After Trump-Xi Meeting: Report

• Bessent stated in the interview that he expects China’s soybean purchases to be higher than what the Xi Jinping administration has committed to.
• The Treasury Secretary’s comments come after President Donald Trump’s meeting with Chinese President Xi Jinping.
• President Donald Trump said China has agreed to buy “massive amounts” of soybeans and other agricultural products from the U.S.

Treasury Secretary Scott Bessent on Thursday reportedly stated that China has agreed to purchase 12 million tons of soybeans from the U.S. in the current harvest season.

During an interview with Fox Business, Bessent also noted that China has committed to buy at least 25 million tons of soybeans from U.S. farmers in each of the next three years.

Bessent clarified that China’s purchase commitments for 12 million tons of soybeans are for a period from now to January next year.

Trump-Xi Meeting

The Treasury Secretary’s comments come after President Donald Trump’s meeting with Chinese President Xi Jinping. “I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy!” said President Trump in a post on Truth Social.

Bessent stated in the interview that he expects China’s soybean purchases to be higher than what the Xi Jinping administration has committed to. He cited China’s soybean purchases following the “phase one deal” with the U.S. during President Trump’s previous term. China bought 34 million tons between 2019 and 2020.

Back To Normal?

According to data from the U.S. Department of Agriculture, China bought nearly 27 million tons of soybeans in 2024. A commitment to purchase at least 25 million tons in each of the next three years would be a return to normalcy.

China’s soybean purchases from the U.S. in 2024 were worth $12.6 billion, the data shows.

Meanwhile, U.S. equities declined in Thursday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.45%, the Invesco QQQ Trust ETF (QQQ) declined 0.38%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) fell 0.64%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Also See: Dow Futures Decline Amid Mixed Big Tech Earnings: META, MSFT, GOOGL, AAPL Among Stocks To Watch

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