Trump-Xi Summit Could Secure Billions in Agricultural Trade
US farmers are eagerly awaiting the outcome of President Trump's meeting with Chinese leader Xi Jinping on Thursday, where billions of dollars in agricultural trade will be discussed.
The meeting comes as China has become a crucial market for US ag exports, accounting for 21% of all US ag exports in 2022. However, sales dropped to around $27 billion or 15% two years later and plummeted to $8.4 billion after China boycotted US soybean purchases for several months.
The US soybean industry is hoping for a stronger commitment from China on its pledge to buy US soybeans, with analysts saying China is roughly halfway towards meeting this year's goal of 25 million metric tons annually.
National Association of Wheat Growers CEO Sam Kieffer said he's hopeful the meeting will lead to 'real, durable market opportunities for U.S. farmers' and that the board of trade will help manage the bilateral economic relationship between the two nations.