On the 30th in Busan, South Korea, leaders from China and the U.S. held a meeting. U.S. Treasury Secretary Besant, who was in attendance, revealed that China has agreed to purchase 12 million tons of U.S. soybeans in this quarter ending next January and has also committed to buying 25 million tons per year over the next three years as part of a broader trade agreement. He also mentioned that the agreement reached in Kuala Lumpur, Malaysia, may be signed as soon as next week.
Due to the outbreak of a trade war between China and the U.S., China had stopped purchasing all in-season U.S. soybeans; the current commitment from China for this season is still below last season's 22.5 million tons. Besant told U.S. media that America's great soybean farmers had previously been used as political pawns by the Chinese, but this has changed, and they will thrive in the coming years. Besides China, other Southeast Asian countries have also agreed to buy another 19 million tons of U.S. soybeans, though Besant did not specify the timetable or which countries were involved.
Regarding the sale of the Chinese video-sharing platform TikTok, Besant said the two sides have finalized an agreement in Kuala Lumpur already approved by China, with progress expected in the next few weeks or months and a resolution ultimately in sight.