China promises to buy more agricultural products from the US

Chinese negotiators demonstrated openness to additional purchases of U.S. agricultural products, including poultry, beef, and grains, on the first day of bilateral trade talks in Paris, Reuters reports.

According to the publication, the meetings, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, took place on Sunday and were “frank and constructive.” Both sides discussed the creation of formal mechanisms to manage U.S.-China trade and investment.

American negotiators also discussed the supply of critical minerals from China to the United States. According to the report, the US also insisted on China purchasing additional Boeing Co. jetliners and American coal, crude oil, and natural gas.

In turn, US President Donald Trump stated that he might postpone the long-awaited summit with his counterpart Xi Jinping if Beijing does not help unblock the Strait of Hormuz.

In response to this statement, soybean futures in Chicago fell 2.7% to below $12 per bushel, amid a possible delay in US trade talks with China, the world’s largest buyer of this oilseed.

Tags: China, grain, soybean, Beef cattle, USA