China has reportedly purchased its first shipments of soybeans from U.S. farmers this year, a major development for American growers on the cusp of President Trump’s major sit-down with Chinese President Xi Jinping.
Orders for two cargoes have been booked and are expected to be delivered later in the year, according to Bloomberg.
China, once a major purchaser of U.S. soybeans, had frozen out American growers this year because of trade tensions with Washington.
Instead, the Asian superpower purchased soybeans from South America, causing panic and frustration among U.S. farmers who also faced high costs for fertilizer and equipment.
Treasury Secretary Scott Bessent said he expected “substantial” soybean purchases after he reached a trade framework with Chinese counterparts in Malaysia ahead of Mr. Trump’s tour of Asia.
The framework set the table for Mr. Trump’s meeting with Mr. Xi on Thursday. The leaders seek a truce after China clamped down on rare earth exports and Mr. Trump threatened to impose 100% levies on Chinese goods in retaliation.
China confirmed the Trump-Xi meeting during a press conference on Wednesday.
“Heads-of-state diplomacy plays an irreplaceable role in providing strategic guidance for China-U.S. relations,” foreign ministry spokesman Guo Jiakun said. “President Xi Jinping and President Donald Trump will have [an] in-depth exchange of views on strategic and long-term issues concerning bilateral ties and major issues of mutual interest.”
Mr. Trump also said he looks forward to the meeting on the sidelines of the Asia-Pacific Economic Cooperation meetings in South Korea.
The meeting follows positive meetings with the leaders of Japan and South Korea.
“Bringing back Trillions of Dollars to USA! A great trip. Dealing with very smart, talented, and wonderful Leaders,” Mr. Trump wrote on Truth Social. “Tomorrow, President Xi of China. It will be a great meeting for both!!!”