China agreed to purchase $17 billion in agricultural products from the US annually - Bloomberg
Kyiv • UNN
China will purchase $17 billion worth of US agricultural products annually until 2028. The parties also agreed to resume exports of American beef and poultry.
China has agreed to purchase at least $17 billion worth of agricultural products from the US annually until 2028, the White House announced in a fact sheet dedicated to President Donald Trump's two-day summit in China. This was reported by Bloomberg, according to UNN.
Details
A day earlier, China's Ministry of Commerce published its own statement on the meeting, noting that the US and China would adopt a series of measures, including mutual tariff reductions on certain goods. At the same time, China did not provide details, stating that teams from both countries are still coordinating the parameters, while the White House made no mention of tariffs in its announcement.
Trump previously stated that the issue of tariffs was not discussed during his meetings with Chinese leader Xi Jinping.
"We didn't discuss tariffs," Trump told reporters Friday aboard Air Force One. "They are paying substantial tariffs, but we didn't discuss it."
Trump's visit to Beijing was the first visit by a US president to China in nearly a decade, and both sides struck a positive tone regarding the relationship between the countries.
Trump's previous attempts to force China to buy more American goods did not yield full results, casting doubt on the fulfillment of the new commitments. China failed to meet its promises under the 2020 deal, which required it to purchase an additional $200 billion in American agricultural, energy, and manufactured goods over two years. The COVID-19 pandemic complicated the implementation of the agreements, but critics pointed out that the targets were unrealistic.
The $17 billion in annual purchases will be in addition to soybean purchase commitments made in the fall, the White House noted.
Recently, China has begun more actively purchasing cheaper Brazilian soybeans after fulfilling the initial purchase volumes from the US agreed upon in last year's trade truce between Washington and Beijing.
Following the summit, China restored market access for American beef, renewing the licenses of more than 400 facilities, the White House said. China will also cooperate with US regulators to resume imports of poultry meat from the US.
According to Bloomberg, China had already previously restored beef import permits. Beijing had allowed hundreds of licenses for American meat exporters to lapse during Trump's tariff war.
The Chinese Ministry of Commerce stated that the outcome shows the possibility of "solving problems through dialogue and cooperation," noting that the parameters were discussed at talks in South Korea prior to the meeting between Xi and Trump.
The US also stated that China would consider American concerns regarding supply shortages and export restrictions on rare earth metals and other critical minerals.
The White House fact sheet noted that both leaders agreed that Iran must not have nuclear weapons, called for the reopening of the Strait of Hormuz, and stated that no country or organization has the right to charge "passage fees." They also reaffirmed the shared goal of the denuclearization of North Korea.
During the flight back to the US, Trump stated that he discussed the possibility of lifting sanctions against Chinese oil companies that purchase Iranian oil.
The White House also confirmed plans for Xi Jinping to visit the US in the fall.
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