China agrees to purchase 25 million metric tons of US soybeans annually, treasury secretary says

China has agreed to purchase 25 million metric tons of US soybeans annually as part of an agreement reached by its leaders, Treasury Secretary Scott Bessent said on Thursday.

Bessent said China will start by purchasing 12 million metric tons of soybeans from the US between now and January.

“So you know, our great soybean farmers, who the Chinese used as political pawns, that's off the table, and they should prosper in the years to come,” Bessent said in an interview on Fox Business Network's “Mornings with Maria.” He said the agreement lasts for three years.