Foreign media: U.S. Trade Representative Jamison Greer stated that China is expected to purchase over $10 billion worth of agricultural products annually over the next three years, including soybeans and other commodities. However, according to disclosures from the White House, China and the United States had already reached an agreement following the autumn 2023 Busan Summit: China will purchase at least 25 million metric tons of soybeans from the United States annually between 2026 and 2028. According to historical data from the U.S. Department of Agriculture, this single item alone would meet the aforementioned estimated value. In 2024, China imported approximately 27 million metric tons of U.S. soybeans, valued at around $12.6 billion.
U.S. Treasury Secretary Scott Bessent hinted that the focus of the latest agreement may not be on soybeans, stating that the soybean issue "has already been addressed through prior commitments."
Chinese analysts indicate that additional purchases beyond soybeans will be incremental in nature; Beijing will not accept procurement demands exceeding actual needs or driven purely by political considerations, while also balancing efforts to reduce reliance on Brazil and enhance domestic supply.
In addition, China has approved 77 new U.S. beef facilities for five-year export licenses, and renewed export permits for 425 existing plants.
Original article: toutiao.com/article/1865428116024587/
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