US Treasury Secretary reveals possible date for trade deal with China
Photo: Scott Bessent, US Secretary of the Treasury (Getty Images)
The United States and China have recently finalized work on a trade agreement, which could be signed as soon as next week, said US Treasury Secretary Scott Bessent, according to Reuters.
According to US Treasury Secretary Scott Bessent, the deal was finalized in Kuala Lumpur the previous night, and the sides might exchange signatures in the coming days.
The minister also added that the US managed to resolve the issue of China purchasing American soybeans. According to him, China will buy 12 million tons of American soybeans during the current season, until January, and has committed to buying 25 million tons annually over the next three years.
Bessent clarified that other Southeast Asian countries agreed to buy another 19 million tons of American soybeans, but did not specify the timeframe for those purchases.
"So our great soybean farmers, who the Chinese used as political pawns, that's off the table, and they should prosper in the years to come," Bessent said.
Trump's tariffs
Earlier, US President Donald Trump imposed high import tariffs on a number of countries, including China. This move was part of his economic pressure policy and prompted a retaliatory response from Beijing. Soon after, a trade war effectively began between the two nations.
Yesterday, on October 29, Trump said he was ready to ease restrictions against China if a new trade agreement is reached. According to the US leader, this would be possible if Beijing agrees to cooperate with Washington in combating the spread of fentanyl — a dangerous synthetic drug that is increasingly entering the United States.
As Bloomberg reported, under the potential agreement, China may gain access to the latest Nvidia Blackwell processor.
