U.S. Treasury Secretary Bessent Expects China to Resume Large Soybean Purchases and Delay Rare Earth Rules

U.S. Treasury Secretary Bessent Expects China to Resume Large Soybean Purchases and Delay Rare Earth Rules

WASHINGTON (Reuters) — U.S. Treasury Secretary Scott Bessent said on Sunday that he anticipates China will restart significant purchases of U.S. soybeans over the coming years and will delay the rollout of its expanded rare earth licensing system by a year, following two days of trade talks in Malaysia.

Speaking on CBS’s “Face the Nation”, Bessent described the planned soybean purchases as “substantial”, indicating renewed momentum in agricultural trade between Washington and Beijing.

In a separate appearance on ABC’s “This Week”, Bessent said that U.S. soybean farmers will “feel very good” about the upcoming U.S.–China trade deal, which President Donald Trump and President Xi Jinping are expected to announce next Thursday. He added that the agreement would provide confidence “for this season and several years to come.”

Bessent also revealed that the details regarding the transfer of ownership of TikTok to U.S. control have been finalized, enabling both leaders to officially conclude the deal during their next meeting.

© Reuters

Key Takeaways:

  • 🇨🇳 China expected to resume substantial U.S. soybean purchases.
  • ⏳ Rare earth licensing expansion to be delayed by one year.
  • 📱 TikTok U.S. ownership transfer finalized ahead of Trump–Xi deal.
  • 🚜 U.S. farmers to benefit from renewed agricultural trade flows.

Tags: U.S.–China trade, Scott Bessent, Soybean market, TikTok deal, rare earth exports, Donald Trump, Xi Jinping, trade negotiations, agricultural commodities, Reuters news