Washington, Oct 27 – Soybean growers in the United States are looking forward to a new trade deal that could keep Beijing buying American soybeans. U.S. Treasury Secretary Scott Bessent said the talks with China have produced a promising framework that should stop President Donald Trump from adding a 100 % tariff on Chinese imports.
Bessent told CBS News on Sunday that the U.S. and China already agree on a “substantial framework.” That means the two sides will likely avoid the huge tariff that Trump threatened when the trade war began in April. The extension of American soybean sales is a top priority for U.S. farmers, who have been hit hard since Beijing stopped buying U.S. soybeans in May.
Treaties between the U.S. and China are in a key phase. U.S. Trade Representative Jamieson Greer said the Trump administration is “focused on ensuring China buys our agricultural products,” and that China still needs U.S. soybeans for December and January. The president has repeatedly warned that China must resume purchases before the leaders meet.
China’s shortages may be short‑lived. Chinese soybean crushers already have enough supply to meet demand through the rest of this year and into next. Still, any new imports would help U.S. producers.
Bessent, speaking on ABC News from Kuala Lumpur, said the new framework will keep tariffs out of play, a development that could benefit U.S. farmers and the broader economy. He also expects the United States to secure a “deferral” on rare‑earth export controls, a separate trade issue that has fueled tension between the world’s top economies.
In Kuala Lumpur, Chinese International Trade Representative Li Chenggang called the talks a “preliminary consensus,” and U.S. officials say the framework sets the stage for a productive meeting between President Trump and Chinese President Xi Jinping in South Korea later this week.
The trade deal keeps a focus on both soybeans and rare‑earth minerals, two key components of the U.S.–China trade debate. If the leaders agree, U.S. farmers could win back some markets and U.S. companies might secure better export terms. The outcome could decide the future of U.S. agriculture and technology exports in a global market still feeling the impact of last year’s trade war.
Source: ianslive
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