The United States expects China to sign up to buy "double-digit billions" worth of U.S. agricultural products following a summit between Presidents Donald Trump and Xi Jinping in Beijing, U.S. Trade Representative Jamieson Greer said on Friday.
Greer noted the 25 million metric ton per year soybean deal agreed last October and said the U.S. also expects to "see an agreement for double-digit billion purchases of ags over the next three years per year coming out of this visit."
"And that’s more general, that’s aggregate. That’s not just soybeans, that’s everything else," he said in an interview on Bloomberg Television.
Soybeans are the top U.S. export to China, the world’s largest buyer by far, and the oilseeds have played a key role in trade negotiations during the first and second Trump administrations.
Going into the summit, markets were not anticipating Beijing would raise the soybean target beyond 25 million tons, an expectation that was reinforced by comments from U.S. Treasury Secretary Scott Bessent on Thursday suggesting the existing deal took care of the issue.
