Chinese 'right on schedule' for US soybean purchases, Bessent tells CNBC

Chinese purchases of American soybeans are "right on schedule", U.S. Treasury Secretary Scott Bessent said on Tuesday, citing an agreement for Beijing to buy 87.5 million metric tons of the U.S. product over the next three and a half years.

The U.S. and China will always be natural rivals, Bessent said in an interview with CNBC, but the two countries' relationship is in a good place.

On Monday, President Donald Trump touted relations with China as "extremely strong" after a call with Chinese leader Xi Jinping. The call came weeks after the two leaders met in South Korea, where they agreed to a framework for a trade deal that has yet to be finalized.

Trump and Xi could have four meetings in the coming year, Bessent said. Trump may attend the annual Asia-Pacific Economic Cooperation summit, which will be hosted by China in 2026, while Xi will be in the United States for the annual meeting of Group of 20 industrialized nations.

The two leaders will also make state visits to each other's countries, Bessent said.

(Reuters)