In an interview, Bessent said, “So I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime.”
President Donald Trump and Chinese President Xi Jinping are scheduled to meet Thursday on the sidelines of a regional economic conference in South Korea. The two leaders are expected to determine the final details of a trade deal.
Bessent noted that Trump’s 100% tariff threat—which would have pushed the overall rate above 150%—created significant leverage during recent talks in Malaysia with Vice Premier He Lifeng over the weekend. The discussions also covered American agricultural exports to China and Beijing’s role in helping curb the fentanyl trade.
Farmers in the U.S. have been warning of an economic crisis in rural America due to falling crop prices and persistently high costs. Meanwhile, China has held off on purchasing any U.S. soybeans this harvest season, despite traditionally being their top export market.
Although Bessent declined to provide specific details, he said soybean farmers will be “extremely happy with this deal for this year and for the coming years.” He added that a recent Chinese purchase of soybeans from Argentina was planned before the U.S. extended a currency lifeline to Buenos Aires. The purchase was timed to take advantage of a drop in export duties.
“Those soybeans were always going to be on the market. It’s a global market. The three leading suppliers are Brazil, Argentina, and the U.S.,” Bessent explained. “And I believe that we have brought the market back into equilibrium, and I believe that the Chinese will be making substantial purchases again.”
Regarding export controls on rare earths, Bessent indicated that China will ease its restrictions, but he suggested that U.S. restrictions will remain in place. When asked about limits on chip exports and curbs on Chinese investments in the U.S., he replied, “There have been no changes in our export controls.”
https://fortune.com/2025/10/26/china-trade-deal-us-soybean-purchase-100-percent-tariff-bessent-trump-xi-jinping/
