U.S. Trade Representative Jamieson Greer said Friday the United States expects China to purchase “double-digit billions” of dollars in American agricultural products each year following a summit between President Donald Trump and Chinese President Xi Jinping in Beijing.
Greer said the anticipated agreement would go beyond soybean purchases and include a broader range of U.S. agricultural commodities over the next three years. He referenced a previous agreement in which China committed to purchasing 25 million metric tons of U.S. soybeans annually.
Trump also said China plans to increase imports of American farm products following the summit, although specific commodities and purchase volumes were not immediately released.
Soybeans remain the top U.S. agricultural export to China and have been a key focus of trade negotiations between the two countries for years. Agricultural markets have closely watched the discussions as producers continue dealing with uncertain commodity prices and export demand.
Traders are also monitoring whether China could reduce tariffs on soybeans, a move that could reopen purchasing opportunities for private Chinese importers and potentially boost demand for U.S. crops.
Farm and commodity groups have long viewed expanded access to Chinese markets as critical for American producers, particularly soybean growers facing global competition and fluctuating prices.