US says China 'ramping up' farm purchases, on track for 25m tonnes of soybeans and US$30bn sales
Topic: geopoliticsRegion: AsiaUpdated: i1 outletsSources: 1Spectrum: Center Only⏱ 3 min read⚠ 48h+ old
Story Summary
SITUATION
The Trump administration said China is ramping up purchases and is on track to meet its agricultural purchase commitments, including having met 12 million metric tonnes of soybeans and targeting 25 million metric tonnes this year. USDA Under Secretary Luke Lindberg said those purchases would bring annual US agricultural sales to US$30 billion and that the sector will feature in talks between President Donald Trump and President Xi Jinping in Washington later this month.
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KEY FACTS
- Luke Lindberg, US Under Secretary for Trade and Foreign Agricultural Affairs, said China is 'ramping up their purchases.'
- China is on track to buy US$17 billion worth of US agricultural products this year in addition to soybeans, which Lindberg said would bring annual sales to US$30 billion.
- China is 'on track right now' to meet the agreed target of 25 million metric tonnes of US soybeans this year.
- The soybean deal originated from the trade truce reached in Busan and was expanded after a leaders' meeting in Beijing to include China’s promise to buy at least US$17 billion of US agricultural products annually for the next three years.
- Agricultural purchases are expected to feature prominently in talks between President Donald Trump and President Xi Jinping in Washington later this month.
HISTORICAL CONTEXT
The immediate backdrop is the protracted US–China economic standoff that centers on tariffs, export controls and reciprocal market-access demands that have made agricultural trade a recurring bargaining chip.
Beginning in mid-2018 the United States imposed tariffs under Section 301 on a wide range of Chinese goods (announced July 2018), and China responded with retaliatory levies on US farm products; those measures set in motion successive rounds of negotiation and partial accommodation that continued to shape bilateral trade flows through 2019–2024.
Brief
The Trump administration said China is on track to meet its agricultural purchase commitments, with purchases set to bring annual US agricultural sales to US$30 billion including soybeans. USDA Under Secretary Luke Lindberg said China is "ramping up their purchases," and the sector will feature in President Donald Trump and President Xi Jinping’s talks in Washington.
Sources
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