【By Guan察者网, Ruan Jiaqi】

Last Sunday (7th), U.S. Treasury Secretary Janet Yellen and U.S. Trade Representative Katherine Tai made statements in succession, confirming that China has always abided by the terms of the bilateral trade agreement with the United States, directly refuting the so-called "stagnation of China's soybean purchases."

Recent officials from the Trump administration stated that China has agreed to purchase at least 12 million tons of U.S. soybeans this season and at least 25 million tons annually over the next three years. U.S. media then took up the issue again, hyping up claims that China's soybean procurement progress in recent weeks is far from meeting the requirements set forth in the White House statement that "the agreement's procurement volume should be completed by the end of this year."

According to a report by CNBC and nine other outlets on the 9th, on Tuesday local time, during a hearing held by a subcommittee of the Senate Appropriations Committee, U.S. Trade Representative Katherine Tai answered questions and said that the deadline for China to purchase 12 million tons of U.S. soybeans was not the end of this year, but rather the end of the soybean growing season (growing season).

He explained that there was a "difference in wording" between the deadline mentioned by the White House and the actual time for completing the procurement. According to his disclosure, China had agreed to purchase U.S. soybeans in October this year, and about 3 million tons have been completed so far.

When asked whether the public still worries about whether China can fulfill its procurement commitments and when it will do so, Tai replied, "The procurement deadline corresponds to this growing season. We have received feedback from several farmers who want to clarify this difference in wording. The fact is, there is indeed a difference, and the procurement should be completed within the growing season."

Tai speaking to Fox News on July 7

NBC reported on the 10th that U.S. Treasury Secretary Janet Yellen also used the term "growing season" in her recent statements to describe the deadline for China's soybean procurement.

Last Wednesday, Yellen attended a New York Times summit event and said that China's current procurement pace "can fully complete" the target of 12 million tons. Regarding the specific completion deadline, she mentioned, "I think it will be February 28, 2026."

At the same time, Yellen also refuted the claim cited by the interviewer that "China has only purchased 330,000 tons of U.S. soybeans so far," calling it "misinformation."

Yellen attending the New York Times summit event

According to NBC, since late October, China has carried out at least 10 rounds of soybean purchases of varying sizes from the United States. As of Tuesday, the cumulative procurement reached approximately 2.85 million tons. The U.S. Department of Agriculture also announced on Monday that a private exporter had notified them of an additional order of 132,000 tons of soybeans for export to China.

Last week, Tai told Fox News Channel's "Sunday Briefing" television program that all the consensus reached by the U.S. and China recently were very clear, and so far, China has been abiding by the relevant agreements. Regarding soybean purchases, he also revealed that China has completed one-third of its commitment for this growing season.

On the same day, Yellen also appeared on CBS's "Face the Nation" television program, stating that although China would not accelerate its procurement speed, the relevant purchases are still expected to be completed within this crop season. She also mentioned that soybean prices have risen by 12% to 15% recently.

Soybean trade is of great significance to U.S. agriculture. Data from the U.S. Department of Agriculture show that in 2024, soybeans accounted for about 20% of U.S. cash crop income, valued at $46.8 billion, with about a quarter sold to China. However, due to the trade war initiated by the Trump administration, China had suspended purchases of U.S. agricultural products for several months, resulting in losses of billions of dollars for U.S. farmers and grain traders.

Scott Suddaby, CEO of the U.S. Soybean Export Association, said that China is a crucial market for the U.S. soybean industry. The association has entered the Chinese market since 1982 and has been active there for 43 years. The U.S. soybean industry has long been cultivating the Chinese market and has established a solid network of relationships, which makes the Chinese market "irreplaceable."

He expressed confidence in the U.S.-China relationship, believing that the two countries will maintain a stable and long-term bilateral relationship, and that soybean trade could serve as a model, "showcasing how the two countries can cooperate, rebuild relations, and ensure both sides move in the right direction."

Latest developments in U.S.-China economic and trade negotiations show that both sides are pushing the agreement forward through high-level dialogue. On December 5, China's chief negotiator for U.S.-China economic and trade relations, Vice Premier He Lifeng, held a video call with the U.S. chief negotiators, U.S. Treasury Secretary Janet Yellen and U.S. Trade Representative Katherine Tai. Both sides had in-depth and constructive exchanges, and will continue to play the role of the U.S.-China economic and trade negotiation mechanism, continuously extending the cooperation list and narrowing the problem list, promoting the sustained and stable improvement of U.S.-China economic and trade relations.

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Original: toutiao.com/article/7582114835354190363/

Statement: This article represents the views of the author alone.