Summary
President Donald Trump announced progress in trade talks with Chinese President Xi Jinping. They discussed increasing China's purchase of U.S. farm products. This agreement includes changes in tariffs and aims to boost American agricultural exports.
Key Facts
- President Trump and Chinese President Xi discussed increasing China's purchase of U.S. farm goods.
- China is the largest importer of soybeans and has been a top buyer from the U.S.
- The talks resulted in an agreement to boost U.S. soybean exports to China to 18 million metric tons this year.
- This export amount is 32% less than the previous year and the lowest since 2018.
- China has been importing cheaper soybeans from Brazil and Argentina.
- The deal includes China delaying export restrictions on rare earth elements and U.S. delaying a tariff increase on Chinese goods.
- President Trump plans to visit China in April, and Xi will later visit the U.S.
