China agrees to purchase 25 million metric tons of US soybeans annually: Bessent

China has agreed to purchase 25 million metric tons of U.S. soybeans annually as part of an agreement reached by its leaders, Treasury Secretary Scott Bessent said yesterday.

Bessent said China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January.

“So you know, our great soybean farmers, who the Chinese used as political pawns, that’s off the table, and they should prosper in the years to come,” Bessent said in an interview on Fox Business Network’s “Mornings with Maria.” He said the agreement lasts for three years.

The agreement follows talks in Pusan, South Korea, between Donald Trump and Xi Jinping, which may extend to other sectors of trading, namely technology products.

Yesterday, Trump said he discussed with Xi U.S. sales of computer chips to China. Trump and former President Joe Biden had imposed restrictions on access to the most advanced chips such as those used for artificial intelligence.

China will speak with Silicon Valley chipmaker Nvidia about purchasing their computer chips, he said.

That won’t include its next-generation Blackwell AI chip, he said, “but a lot of the chips.”

“We make great chips,” Trump told reporters on Air Force One. “Nvidia’s the leader.” MDT/AP