【Wen / Observer News Network, Zhang Jingjuan】U.S. Trade Representative Greer (Jamieson Greer) publicly "admitted" on Fox News on the 7th, clearly stating that China has always complied with the terms of the Sino-U.S. bilateral trade agreement, directly responding to the claim of "China's soybean procurement stagnation" last month.

According to Bloomberg, Greer said in an interview with the Fox News Channel's "Sunday Briefing" television program that all agreements reached between the U.S. and China in recent times are very clear, and so far, China has been complying with the relevant agreements.

On the highly anticipated soybean procurement issue, he revealed that China has completed one-third of its procurement commitments for this growing season.

This development contrasts with a previous report by Bloomberg, which had claimed that China's purchases of U.S. soybeans seemed to have stalled, and on the 3rd of this month, it stated that China had only purchased 2.25 million tons of soybeans, far below the promised amount.

Video screenshot of U.S. Trade Representative Greer

According to reports, U.S. Treasury Secretary Bessent (Scott Bessent) also stated on CBS's "Face the Nation" television program on the same day that although China will not accelerate the pace of procurement, the related procurement is still expected to be completed within this crop season. He also said that soybean prices have risen by 12% to 15% recently.

Data from the U.S. Department of Agriculture shows that in 2024, soybeans accounted for about 20% of the income from cash crops in the United States, valued at about $46.8 billion, with about a quarter of that sold to China. However, due to the trade war instigated by the Trump administration, China has suspended the purchase of U.S. agricultural products for several months, causing billions of dollars in losses to U.S. farmers and grain traders.

With the easing of Sino-U.S. trade relations, the White House said last month that China has agreed to purchase at least 12 million tons of U.S. soybeans this season and at least 25 million tons each year over the next three years.

U.S. Agriculture Secretary Rollins (Brooke Rollins) said on November 24 that she is confident that China will fulfill its soybean procurement commitments, "All signs indicate that their commitment is real, and they will indeed purchase 12 million tons or place orders."

Video screenshot of U.S. Treasury Secretary Bessent

According to reports, key figure Bessent, who is responsible for implementing President Trump's economic agenda (including tariff policies), revealed on the 7th that he had sold his shares in his soybean farm to comply with the ethical agreement signed when he joined the government last January. "To fulfill the ethical agreement, I completed the disposal of my farm assets this week, and now I have completely exited this business," he said.

This asset sale occurred four months after the U.S. government ethics office sent a letter to the Senate Finance Committee on August 11. In the letter, the office pointed out that Bessent had failed to comply with some provisions of the ethical agreement, which were intended to avoid any potential conflicts of interest. At that time, in a statement released by the U.S. Treasury Department, Bessent said he had completed 96% of the asset sales required by the ethical agreement, with the remaining assets planned to be sold by the end of the year.

The New York Times reported that Bessent owns soybean and corn farmland in North Dakota worth up to $25 million, with thousands of acres of farmland generating rental income of up to $1 million annually. As part of the ethical agreement, Bessent had committed to selling his holdings in Key Square Group hedge fund and other assets to avoid conflicts of interest. Most of these assets were supposed to be sold by April 28, 2025, as per the agreement.

The report noted that the latest developments in U.S.-China economic and trade negotiations show that both sides are pushing for the implementation of the agreement through high-level dialogue. On December 5, Chinese side's chief negotiator, Vice Premier He Lifa, held a video call with U.S. side's chief negotiators, U.S. Treasury Secretary Bessent and U.S. Trade Representative Greer, engaging in in-depth and constructive exchanges. Both sides will continue to leverage the U.S.-China economic and trade consultation mechanism, constantly extending the cooperation list and shortening the problem list, promoting the sustained and stable improvement of the U.S.-China economic and trade relationship.

CEO of the American Soybean Export Association, Su Jian, recently said that China is a crucial market for the U.S. soybean industry. The American Soybean Export Association has been operating in China since 1982, and now it has been 43 years. The U.S. soybean industry has long cultivated the Chinese market and established a very solid network of relationships, which is why the Chinese market is "irreplaceable."

He expressed confidence in the Sino-U.S. relationship, believing that it would be a stable and long-term bilateral relationship. "The soybean trade between the two countries can become a good example, demonstrating how the two countries can cooperate, rebuild the relationship, and ensure that both sides move in the right direction."

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Original: toutiao.com/article/7581379311010202152/

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