China to buy soybeans from the US: parties reach framework agreement

China will resume substantial purchases of US soybeans for several years and delay by one year the tightening of controls on exports of rare earth metals.

U.S. Treasury Secretary Scott Bessent told Reuters about the agreements reached between the United States and China.

In a television interview, Bessent said that soybean purchases would be significant. According to him, when Donald Trump and Xi Jinping announce the conclusion of a trade agreement next Thursday, American soybean producers “will be very pleased with what is happening both this season and in the following seasons for several years.”

The minister also noted that the details of the agreement to transfer ownership rights of the Chinese app TikTok under US control had been agreed upon, and the presidents would be able to complete the transaction next week.

Tags: China, soybean, USA