China has committed to purchase at least $17 billion worth of U.S. agricultural products annually through 2028, the White House said on Sunday, following two days of talks in Beijing between U.S. President Donald Trump and Chinese President Xi Jinping (livemint.com).
The agreement emerged from negotiations that began on 14 May at the Great Hall of the People, where both leaders agreed to establish bilateral trade boards tasked with expanding market access. The White House confirmed the purchase floor after U.S. Trade Representative Jamieson Greer and Agriculture Secretary Brooke Rollins briefed reporters on the deal’s structure, which includes quarterly review mechanisms and dispute-resolution panels (livemint.com).
For American farmers, the pledge represents a steady export outlet worth roughly 68 million tonnes of soybeans at current prices, cushioning the sector against price swings and inventory gluts. The annual figure is 70% above China’s 2023 U.S. farm import bill of $10 billion and matches the peak reached during the 2020 Phase-One accord, signalling Beijing’s intent to keep food security tied to U.S. supplies. Indian soybean crushers and Australian wheat exporters now face a more price-competitive U.S. presence in China’s import mix (livemint.com).
The first quarterly review is scheduled for September 2026 in Washington, where both sides will publish shipment tallies and adjust product categories if shortfalls appear. U.S. officials expect initial soybean and corn cargoes to load from Gulf Coast ports in July, while Chinese importers must submit purchase orders by 30 June to qualify for Beijing’s new tariff waivers (livemint.com).