U.S. Treasury Secretary Speaks in Fox News Interview
Scott Besant, U.S. Secretary of the Treasury, announced on October 30 (local time) that China has agreed to purchase 12 million tons of U.S. soybeans this year.
In an interview with Fox News that day, Secretary Besant stated, "China will purchase this amount during this season, meaning from now until January next year, and has also agreed to buy at least 25 million tons of soybeans annually for the next three years."
This volume is close to the typical level prior to China's suspension of U.S. soybean imports. Last year, the United States exported about 27 million tons of soybeans to China.
However, when President Donald Trump, after returning to office, imposed a 20% 'fentanyl tariff' on all Chinese imports, China retaliated by halting imports of U.S. soybeans, dealing a significant blow to American farmers. Soybeans are the top U.S. agricultural export to China, with half of all U.S. soybean exports destined for the Chinese market.
Secretary Besant also commented on the sale of the U.S. operations of the Chinese video-sharing platform TikTok, saying, "The negotiations have been concluded as they are subject to approval by the Chinese government," and added, "The relevant procedures will proceed within the next few weeks or months."
He further stated that the U.S.-China trade negotiations have been finalized and that "both sides are expected to exchange signatures on the agreement as early as next week."
Previously, President Trump and Chinese President Xi Jinping held a summit for about 100 minutes at Gimhae Air Base in Busan, South Korea, on the 30th (Korea Standard Time). During the summit, China agreed to suspend rare earth export controls for one year and to cooperate in cracking down on the distribution of fentanyl within the United States. The United States, in turn, agreed to reduce the fentanyl tariff imposed on China from the current 20% by 10 percentage points.
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