Busan [South Korea], October 30 : US President Donald Trump on Thursday announced that China has committed to immediately purchase "large and tremendous amounts" of soybeans and other US farm products as part of a deal between the two nations following his much-anticipated meeting with his Chinese counterpart Xi Jinping on the sidelines of the APEC Summit in Busan, South Korea.
Speaking to reporters during a gaggle aboard Air Force One following his departure to Washington, Trump hailed the decision as a "very nice gesture" from President Xi Jinping, noting that his Chinese counterpart had authorised the purchase a day earlier.
"We're in agreement on so many elements. Large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased, starting immediately. If you notice, President Xi authorised yesterday for China to start buying very large quantities of soybeans and other things, which I appreciated. That was a very nice gesture," Trump said.
According to CNN, in May, China halted its purchases of US soybeans following Trump's announcement of tariffs, leaving farmers nationwide with billions of dollars' worth of unsold crops and prompting some to question the policies of a president many had supported.
The administration has been considering a bailout package to assist farmers, but the recent government shutdown complicated matters, casting doubt on whether such aid will be delivered.
Prior to the Trump-Xi meeting, US Treasury Secretary Bessent announced a framework agreement that could encourage China to resume purchasing a significant volume of US soybeans, as reported by CNN.
Bessent also has a personal connection to the issue, owning USD 25 million in soybean and corn farmland in North Dakota, according to his public financial disclosure, assessed by CNN.
Trump, during the gaggle, also stated that Washington has reached a landmark one-year trade pact with China, slashing tariffs on Chinese imports from 57 per cent to 47 per cent.
"We have a deal," Trump stated, referring to the trade pact which will be routinely extended.
"Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he added.
Trump further noted that the 10 per cent tariff reduction on Chinese exports to the US was due to China agreeing to take "strong action" on the fentanyl issue.
"It was 57, now it's 47," the US President said.
"We reduced it by the fentanyl because I believe they are really taking strong action. We've already seen the action on fentanyl, and they're taking very strong action. So reduced to 10 per cent," he added.
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