world-economy

China Commits to $17B Annual U.S. Agricultural Purchases Through 2028

China has pledged to purchase $17 billion in American agricultural goods annually through 2028 following President Donald Trump's summit with Chinese President Xi Jinping in Beijing last week. The commitment includes soybeans alongside other farm products, building on an October 2025 agreement where China committed to buying at least 25 million metric tons of American soybeans yearly over three years. The White House also announced progress on rare earth access, with China addressing American procurement of yttrium, scandium, neodymium and indium — minerals critical to electronics, automotive and defense manufacturing. China's Commerce Ministry confirmed both nations agreed to promote agricultural trade without specifying volumes or naming soybeans. The ministries emphasized different aspects of the bilateral accord, with some details confirmed by only one side. Trump and Xi also agreed to meet again in the United States.