Bessent: Soybean Farmers to Benefit from U.S./China Trade Deal Finalized Alongside TikTok Agreement
Treasury secretary says tariff threat lifted, ‘substantial’ Chinese soybean purchases expected as Trump and Xi prepare to seal deal in Korea
Treasury Secretary Scott Bessent said Sunday that U.S. soybean producers will be “extremely happy” with a broader U.S./China trade understanding reached over the weekend — a deal that coincides with the finalization of the TikTok divestment agreement to be officially signed by President Donald Trump and Chinese President Xi Jinping this Thursday in Busan, South Korea.
Speaking on CBS News’ Face the Nation, Bessent confirmed that the two governments had “reached a final deal on TikTok” and hinted that the resolution has opened the door for a wider thaw in economic relations — particularly benefiting U.S. agriculture.
“Soybean farmers are going to be extremely happy with this deal for this year and for the coming years,” Bessent said, declining to provide details but adding that “the Chinese will be making substantial purchases again.” Other U.S. commodities, including sorghum, are expected to be part of China’s upcoming purchases.
The Treasury chief’s remarks come as China appears ready to step up U.S. soybean imports after months of strained trade ties and disrupted flows. Analysts said the move could help restore balance to commodity markets after Beijing had shifted large volumes of soybean purchases to South America earlier this year.
Bessent also confirmed that Trump’s threatened 155% tariff on Chinese imports — which was set to take effect Nov. 1 — is now “effectively off the table.” The rollback, he suggested, is part of a broader understanding that includes Chinese restraint on new rare-earth export controlsand renewed agricultural cooperation. Currently, the U.S. has a roughly 55% tariff rate levied on most imports from China.
“I believe that we have brought the market back into equilibrium,” Bessent added, countering critics who said the administration’s $20 billion currency-swap deal with Argentina gave that country an unfair export advantage. “Those soybeans were always going to get purchased. They just did it at a time when the Argentines had lifted their export taxes. So those soybeans were always going to be on the market,” Bessent countered.
Under the separate TikTok agreement, China’s ByteDance will retain less than 20% ownership of the U.S. version of the app, with American investors — including Larry Ellison, Michael Dell, and Rupert Murdoch — holding the remainder.
Trump and Xi are expected to formally “consummate” both the TikTok and agriculture-related accords during their meeting Thursday, marking their first in-person encounter since 2019.
Agricultural groups welcomed Bessent’s comments, noting that a resumption of large-scale Chinese soybean buying would bring relief to Midwest producers struggling under weak export demand and a strong dollar.
