China to purchase billions of dollars worth of US agricultural products

US and China Agree on Agricultural Trade Deal

The White House has announced that China will purchase at least $17 billion worth of US agricultural goods annually through 2028. This agreement is part of a deal made during a summit between US President Donald Trump and Chinese leader Xi Jinping in Beijing.

According to a fact sheet released by the White House, China will make these purchases over a period of two years, with the remaining amount to be allocated proportionally. The deal also includes China’s commitment to buy at least 87 million metric tonnes of US soybeans, which was previously agreed upon during Trump and Xi’s summit in South Korea.

Additionally, China has agreed to restore market access for US beef by renewing listings for over 400 production facilities. The country will also resume imports of poultry from states deemed free of avian influenza by the US Department of Agriculture.

The White House has also announced the establishment of two new bodies: the US-China Board of Trade and the US-China Board of Investment, to manage trade and investment between the two countries.

China has yet to confirm or comment on the White House’s announcement. The Chinese Embassy in Washington, DC, did not respond immediately to a request for comment.

The summit between Trump and Xi was notable for its focus on economic issues and trade cooperation. While the two leaders discussed ways to enhance economic cooperation, they largely avoided sensitive topics such as Taiwan and the US-Israel conflict over Iran.

The White House has released statements outlining the agreements reached during the summit, including the need to maintain the Strait of Hormuz open and to prevent Iran from acquiring nuclear weapons. However, neither statement mentioned Taiwan, a self-governing island that Beijing considers an integral part of its territory.

US-China trade has declined significantly in recent years, with bilateral trade in goods decreasing from over $690 billion in 2022 to around $415 billion last year.

Source: Al Jazeera