China staying ‘right on schedule’ with US soybean purchases — US Treasury Secretary

China is fulfilling its commitments on U.S. soybean purchases and is moving “right on schedule,” U.S. Treasury Secretary Scott Bessent told CNBC, highlighting an agreement under which Beijing is set to buy 87.5 mln tons of American soybeans over the next three and a half years. According to Bessent, current shipment dynamics confirm stable trade cooperation between the two countries despite broader geopolitical tensions.

Bessent noted that while the United States and China remain natural competitors, their relationship is currently in a constructive phase. Ongoing dialogue continues as both sides work to finalize the trade framework agreed upon during the recent meeting between the two leaders in South Korea.

Earlier, President Donald Trump described relations with China as “extremely strong” following a phone call with President Xi Jinping. The conversation built on their earlier discussions aimed at completing the pending framework of a bilateral trade deal, which is still under negotiation.

According to Bessent, up to four meetings between Trump and Xi could take place over the coming year. These include Trump’s potential attendance at the 2026 APEC summit hosted by China and Xi’s visit to the United States for the annual G20 gathering. Both sides are also preparing for reciprocal state visits.

U.S. officials view regular dialogue between Washington and Beijing as a key stabilizing factor for global markets, particularly the agricultural sector, where China remains the world’s largest soybean importer. China’s adherence to contracted purchase volumes supports predictability for American farmers and helps maintain stability on commodity exchanges.

While strategic competition between the two economies persists, the current phase of engagement allows both sides to avoid abrupt market disruptions and to address contentious issues through negotiation. High-level consultations are seen as an indicator of renewed trust and willingness to cooperate.

Reuters reporters note that the evolving trade architecture between the United States and China may prove decisive for global food supply chains, as bilateral agreements often influence sentiment in oilseed markets. Further details of the emerging trade deal are expected once technical consultations are completed.

Tags: USA, China, soybean